Quarterly report pursuant to Section 13 or 15(d)

Short Term Debt-Long-Term Debt

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Short Term Debt-Long-Term Debt
3 Months Ended
Mar. 31, 2017
Long-Term Debt [Abstract]  
SHORT TERM DEBT-LONG-TERM DEBT
6. SHORT TERM DEBT-LONG-TERM DEBT

Short term debt at March 31, 2017 and December 31, 2016 is comprised of balances owed on credit cards used for vendor purchase.

 

      March 31,     December 31,  
      2016     2017  
  Long term debt is as follows:            
               
  8.0%, Hitachi Capital, payable $631.13 monthly beginning September 2015 through August 2019, secured by delivery equipment with a book value of $24,910   $ 16,592     $ 18,133  
                   
  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 $25,437     23,213       24,559  
                   
  10.926%, RMT Equipment, payable 1154.79 monthly beginning June 2016 through October 2018, secured by delivery equipment with a book value of $31,130     19,569       22,477  
      $ 59,374     $ 65,169  
  Less Current Maturities     (23,443 )     (23,443 )
  Total Long-Term Debt   $ 35,931     $ 41,726  

 

Future Debt Maturities – A schedule of expected debt payments and the portion allocated to principal follows:

 

  Twelve Months Ending March 31   Total Payment     Allocated to Principal  
  2018   $ 27,779     $ 24,443  
  2019     21,140       19,833  
  2020     9,383       8,994  
  2021     6,229       6,104  
  2022     -       -  
      $ 64,531     $ 59,374  

 

Interest expense for the three months ended March 31, 2017 and 2016 was $1,151 and $553, respectively.