Annual report pursuant to Section 13 and 15(d)

Long-Term Debt

v3.19.1
Long-Term Debt
12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
LONG-TERM DEBT
6. LONG-TERM DEBT

 

    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   $      -     $ 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     3,211       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     12,976       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     -       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 1%, payable in 24 installments of $24,996, due February 2020     350,000       -  
                 
Notes payable issued in connection with seller financing of assets acquired, interest at 1%, payable in 12 installments of $6,003, due September 2019     54,000       -  
                 
Notes payable issued in connection with seller financing of assets acquired, interest at 8.125%, payable in 60 installments of $8,440, due August 2023     392,252          
    $ 812,439     $ 124,244  
Less Current Maturities     (436,813 )     (41,707 )
Total Long-Term Debt   $ 375,626     $ 82,537  

 

Debt maturities as of December 31, 2018 are as follows:      
2019     436,816  
2020     134,200  
2021     85,748  
2022     91,860  
2023     63,816  
    $ 812,439  

 

Interest expense for the years ended December 31, 2018 and 2017 was $23,565 and $15,339, respectively.