Quarterly report pursuant to Section 13 or 15(d)

Note 16 - Long Term Debt

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Note 16 - Long Term Debt
 9 Months Ended
Sep. 30, 2017
Notes  
Note 16 - Long Term Debt

Note 16 - Long term debt

 

Long term debt

 

Long term debt consists of the following:

 

 

 

 

September 30, 2017

 

December 31, 2016

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 $2,723 and $3,723 unamortized loan service fee, respectively.

 

$

70,201

$

91,488

 

 

 

 

 

 

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

 

 

-

 

6,004

 

 

 

 

 

 

Total notes payable

 

 

70,201

 

97,492

 

 

 

 

 

 

Less: Current maturities

 

 

(31,036)

 

(28,226)

 

 

 

 

 

 

 

 

$

39,165

$

69,226

 

Commercial credit agreement with Bond Street Servicing, LLC

 

WCI entered into a commercial credit agreement with Bond Street Servicing, LLC which required a $4,000 loan service fee which is being amortized as additional interest over the life of the loan on a straight line basis. The unamortized loan service fee balance was $2,723 and $3,723 at September 30, 2017 and December 31, 2016, respectively.