Quarterly report pursuant to Section 13 or 15(d)

Long term debt and revolving line of credit

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Long term debt and revolving line of credit
 3 Months Ended
Mar. 31, 2017
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

 

Long term debt consists of the following:

 

 

 

March 31, 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 $3,390 and $3,723 unamortized loan service fee, respectively.

$

84,570

$

91,488

 

 

 

 

 

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

 

3,057

 

6,004

 

 

 

 

 

 Total notes payable

 

87,627

 

97,492

 

 

 

 

 

 Less: Current maturities

 

(29,078)

 

(28,226)

 

 

 

 

 

 

$

58,549

$

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 $3,390 and $3,723 at March 31, 2017 and December 31, 2016, respectively.