Annual report pursuant to Section 13 and 15(d)

Long term debt and revolving line of credit

v3.3.1.900
Long term debt and revolving line of credit
 12 Months Ended
Dec. 31, 2015
Long term debt and revolving line of credit:  
Long term debt and revolving line of credit

Note 16 - Long term debt and revolving line of credit

 

Long term debt

 

Long term debt at December 31, 2015 and 2014 consists of the following:

 

 

 

2015

 

2014

Two auto loans through Compass bank, interest at 7.99% per annum, monthly principle and interest payments of $538, maturing February 2016

$

1,069

$

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.

 

29,384

 

38,905

 

 

 

 

 

 Total notes payable

 

30,453

 

50,160

 

 

 

 

 

 Less: Current maturities

 

(10,841)

 

(18,911)

 

 

 

 

 

 

$

19,612

$

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 December 31, 2015 and 2014, the Company had $70,000 and $60,000, respectively, 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 years ended December 31, 2015 and 2014 was $3,853 and $2,844, respectively.