Long term debt and revolving line of credit |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long term debt and revolving line of credit: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long term debt and revolving line of credit |
Note 15 - Long term debt and revolving line of credit
Long term debt
Revolving line of credit
The Company has a $75,000 unsecured revolving line of credit with Bank of America, with interest at the banks prime rate plus 3% due monthly. The line of credit matures on September 4, 2015. At June 30, 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 WCIs president. Interest on the line of credit for the three and six months ended June 30, 2015 was $948 and $1,885, respectively. |