Annual report pursuant to Section 13 and 15(d)

Long-Term Debt

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Long-Term Debt
12 Months Ended
Dec. 31, 2017
Long-Term Debt [Abstract]  
LONG-TERM DEBT
6. LONG-TERM DEBT

 

Long-term debt is as follows:

 

      December 31,     December 31,  
      2017     2016  
  Long term debt is as follows:            
  Chrysler Capital, interest ranging from 9.8% and 10.9% per annum, payable in monthly installments of $1,889.59 beginning May 2017 through June 2022, secured by vehicles with a book value of $128,800   $ 79,479     $ -  
                   
  Hitachi Capital, interest at 8.0% per annum, payable in monthly installments of $631.13 beginning September 2015 through August 2019, secured by delivery equipment with a book value of $24,910     11,781       18,133  
                   
  Wells Fargo Equipment Finance, interest at 3.5% per annum, payable in monthly installments of $518.96 beginning April 2016 through March 2021, secured by warehouse equipment with a book value of $25,437     18,641       24,559  
                   
  RMT Equipment, interest at 10.9% per annum, payable in monthly installments of $1,154.79 beginning June 2016 through October 2018, secured by delivery equipment with a book value of $31,130     10,916       22,477  
                   
  Note payable insurance premium financing, interest at 4.74% per annum, payable in 10 installments of $3,441, due January 2018     3,427       -  
      $ 124,244     $ 65,169  
  Less Current Maturities     (41,707 )     (23,443 )
  Total Long-Term Debt   $ 82,537     $ 41,726  

 

  

  Debt maturities as of December 31, 2017 are as follows:      
  2018   $ 42,201  
  2019     27,693  
  2020     24,785  
  2020     21,715  
  2021     7,850  
      $ 124,244  

 

Interest expense for the years ended December 31, 2017 and 2016 was $15,339 and $5,251, respectively.