Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt

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Long-Term Debt
3 Months Ended
Mar. 31, 2018
Long-Term Debt /Convertible Debt [Abstract]  
LONG-TERM DEBT
5. LONG-TERM DEBT

 

      March 31,     December 31,  
      2018     2017  
  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   $ 76,319     $ 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     10,112       11,781  
                   
  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     17,711       18,641  
                   
  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     7,317       10,916  
                   
  Note payable insurance premium financing, interest at 4.74% per annum, payable in 10 installments of $3,441, due January 2018     27       3,427  
                   
  Notes payable issued in connection with seller financing of assets acquired, interest at 6%, payable in 24 installments of $24,996, due February 2020     523,244       -  
      $ 634,730     $ 124,244  
  Less Current Maturities     (315,271 )     (41,707 )
  Total Long-Term Debt   $ 319,459     $ 82,537  

  

Interest expense for the three months ended March 31, 2018 and 2017 was $8,018 and $1,151, respectively.