Annual report pursuant to Section 13 and 15(d)

Note 18 - Long Term Debt and revolving line of credit

v3.20.1
Note 18 - Long Term Debt and revolving line of credit
 12 Months Ended
Dec. 31, 2019
Notes  
Note 18 - Long Term Debt and revolving line of credit

Note 18 – Long term debt and revolving line of credit

 

Long term debt

 

Long term debt at December 31, 2019 and 2018 consists of the following:

 

 

 

2019

 

2018

Commercial credit agreement with Bond Street Servicing, LLC at 11.6% interest per annum, semi-monthly payments of $1,648, maturing October 16, 2019. Net of $1,059 loan service fees at December 31, 2018.

$

-

$

30,131

 

 

 

 

 

Loan through American Express National Bank, AENB, interest at 8.99% per annum, monthly principal and interest payments of $2,284, maturing December 2020.

 

24,017

 

48,090

 

 

 

 

 

Total notes payable

 

24,017

 

78,221

 

 

 

 

 

Less: Current maturities

 

(24,017)

 

(53,166)

 

 

 

 

 

 

$

-

$

25,055

 

Commercial credit agreement with Bond Street Servicing, LLC

 

WCI entered into a commercial credit agreement with Bond Street Servicing, LLC and was charged a $4,000 loan service fee which was being amortized as additional interest over the life of the loan on a straight line basis. The unamortized loan service fee balance was $0 and $1,059 at December 31, 2019 and 2018, respectively