Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt

v3.10.0.1
Long-Term Debt
6 Months Ended
Jun. 30, 2018
Long-Term Debt /Convertible Debt [Abstract]  
LONG-TERM DEBT
5. LONG-TERM DEBT

 

      June 30,     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 $3,070 beginning May 2017 through May 2023, secured by vehicles with a book value of $205,000   $ 124,998     $ 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     8,409       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     16,305       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     4,502       10,916  
                   
  Note payable insurance premium financing, interest at 4.74% per annum, payable in 10 installments of $3,441, due January 2018     -       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     455,772       -  
      $ 609,986     $ 124,244  
  Less Current Maturities     (323,118 )     (41,707 )
  Total Long-Term Debt   $ 286,868     $ 82,537  

  

Interest expense for the three months ended June 30, 2018 and 2017 was $11,312 and 2,610, respectively and for the six months ended June 30, 2018 and 2017 was $19,330 and $3,761, respectively.