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
 9 Months Ended
Sep. 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

 

 

 

September 30,

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

$

2,640

$

7,168

 

 

 

 

 

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

 

-

 

4,087

 

 

 

 

 

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

 

31,788

 

38,905

 

 

 

 

 

     Total notes payable

 

34,428

 

50,160

 

 

 

 

 

     Less:  Current maturities

 

(11,518)

 

(18,911)

 

 

 

 

 

 

$

22,910

$

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, 2016.   At September 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 WCI’s president. Interest on the line of credit for the three and nine months ended September 30, 2015 was $959 and $2,844, respectively.