Annual report pursuant to Section 13 and 15(d)

Note 17 - Long Term Debt and revolving line of credit

v3.8.0.1
Note 17 - Long Term Debt and revolving line of credit
12 Months Ended
Dec. 31, 2017
Notes  
Note 17 - Long Term Debt and revolving line of credit

Note 17 - Long term debt and revolving line of credit

 

Long term debt

 

Long term debt at December 31, 2017 and 2016 consists of the following:

 

 

 

2017

 

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

$2,390 and $3,723 loan service fee.

$

62,659

$

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

 

62,659

 

97,492

 

 

 

 

 

Less: Current maturities

 

(33,854)

 

(28,226)

 

$

28,805

$

69,266

 

Commercial credit agreement with Bond Street Servicing, LLC

 

WCI entered into a commercial credit agreement with Bond Street Servicing, LLC for proceeds of $100,000 which were used to pay off WCI’s revolving line of credit with Bank of America. WCI was charged 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 $2,390 and $3,723 at December 31, 2017 and 2016, respectively.

 

Revolving line of credit

 

WCI had 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 matured on September 4, 2016 and was due November 4, 2016. On October 14, 2016, WCI paid the revolving line of credit in full.