Long term debt and revolving line of credit |
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Long term debt and revolving line of credit: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long term debt and revolving line of credit |
Note 14 - Long term debt and revolving line of credit
Long term debt
** Although the loan does not mature until 2026, the Company intends to pay the loan to LoanMe, Inc. off in 2016.
Revolving line of credit
The Company has a $75,000 unsecured revolving line of credit with Bank of America, with interest at the banks prime rate plus 3% due monthly. The line of credit matures on September 4, 2016. At March 31, 2016 and December 31, 2015, the Company had $60,000 outstanding on the line of credit. The line is secured by a personal guarantee of WCIs president. Interest on the line of credit for the three months ended March 31, 2016 and, 2015 was $2,946 and $1,678, respectively. |
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- References No definition available.
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- Definition The entire disclosure for long-term debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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