Quarterly report pursuant to Section 13 or 15(d)

Long term debt and revolving line of credit

v2.4.1.9
Long term debt and revolving line of credit
 3 Months Ended
Mar. 31, 2015
Long term debt and revolving line of credit:  
Long term debt and revolving line of credit

Note 14 – Long term debt and revolving line of credit  

 

Long term debt

 

 

 

 

March 31,

2015

 

December 31,

2014

Two auto loans through Compass bank, interest at 7.99% per annum, monthly principle and interest payments of $538, maturing February 2016

 

$

5,688

$

7,168

 

 

 

 

 

 

Auto loan through Ford Credit, interest at 6.64% per annum, monthly principle and interest payments of $467, maturing October 2015

 

 

2,747

 

4,087

 

 

 

 

 

 

Auto loan through Hyundai Motor Finance, interest at 2.99% per annum, monthly principle and interest payments of $878, maturing December 2018.

 

 

36,538

 

38,905

 

 

 

 

 

 

     Total notes payable

 

 

44,973

 

50,160

 

 

 

 

 

 

     Less:  Current maturities

 

 

(17,988)

 

(18,911)

 

 

 

 

 

 

 

 

$

26,985

$

31,249

 

Revolving line of credit

 

The Company has a $75,000 unsecured revolving line of credit with Bank of America, with interest at the bank’s prime rate plus 3% due monthly.  The line of credit matures on September 4, 2015.   At March 31, 2015 and December 31, 2014, the Company had $60,000 outstanding on the line of credit.  The line is secured by a personal guarantee of WCI’s president.