| LONG-TERM DEBT |
| |
Long term debt is as follows: |
|
June 30, 2016 |
|
| |
|
|
|
|
| |
8.0%, Hitachi Capital, payable $631.13 monthly beginning September 2015 through August 2019, secured by delivery equipment with a book value of $29,508 |
|
$ |
21,124 |
|
| |
|
|
|
|
|
| |
3.5%, Wells Fargo Equipment Finance, payable $518.96 monthly beginning April 2016 through March 2021, secured by warehouse equipment with a book value of $28,527 |
|
|
26,776 |
|
| |
|
|
|
|
|
| |
10.926%, RMT Equipment, payable 1154.79 monthly beginning June 2016 through October 2018, security be delivery equipment with a book value of $37,523 |
|
|
28,042 |
|
| |
|
|
|
|
|
| |
|
|
$ |
75,942 |
|
| |
Less Current Maturities |
|
|
(22,789 |
) |
| |
Total Long-Term Debt |
|
$ |
53,153 |
|
Future Debt Maturities – A schedule of expected debt payments and the portion allocated to principal follows:
| |
Twelve Months Ending June 30, |
|
Total
Payment |
|
|
Allocated to
Principal |
|
| |
2017 |
|
$ |
27,778 |
|
|
$ |
22,789 |
|
| |
2018 |
|
|
27,778 |
|
|
|
24,795 |
|
| |
2019 |
|
|
17,646 |
|
|
|
17,149 |
|
| |
2020 |
|
|
9,383 |
|
|
|
9,012 |
|
| |
2021 |
|
|
2,259 |
|
|
|
2,197 |
|
| |
|
|
$ |
84,844 |
|
|
$ |
75,942 |
|
|