Quarterly report pursuant to Section 13 or 15(d)

Note 19 - Long Term Debt

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Note 19 - Long Term Debt
 3 Months Ended
Mar. 31, 2019
Notes  
Note 19 - Long Term Debt

Note 19 - Long term debt

 

Long term debt

 

Long term debt at March 31, 2019 and December 31, 2018 consists of the following:

 

 

 

March 31, 2019

 

December 31, 2018

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 $1,059 and $3,723 loan service fee.

$

21,362

$

30,131

 

 

 

 

 

Loan through American Express National Bank, AENB, interest at 8.99% per annum, monthly principal and interest payments of $2,284, maturing December 2020.

 

42,273

 

48,090

 

 

 

 

 

Total notes payable

 

63,635

 

78,221

 

 

 

 

 

Less: Current maturities

 

(43,843)

 

(53,166)

 

 

 

 

 

 

$

19,792

$

25,055

 

Commercial credit agreement with Bond Street Servicing, LLC

 

WCI entered into a commercial credit agreement with Bond Street Servicing, LLC and 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 $726 and $1,059 at March 31, 2019 and December 31, 2018, respectively.