Quarterly report pursuant to Section 13 or 15(d)

Note 15 - Long Term Debt and Revolving Line of Credit

v3.8.0.1
Note 15 - Long Term Debt and Revolving Line of Credit
6 Months Ended
Jun. 30, 2017
Notes  
Note 15 - 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:

 

 

 

June 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 $3,056 and $3,723 unamortized loan service fee, respectively.

$

77,496   

$

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

 

77,496   

 

97,492   

 

 

 

 

 

Less: Current maturities

 

(30,020)  

 

(28,226)  

 

 

 

 

 

 

$

47,476   

$

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 $3,056 and $3,723 at June 30, 2017 and December 31, 2016, respectively.