Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt

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Long-Term Debt
3 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]  
LONG-TERM DEBT
5. LONG-TERM DEBT

 

    March 31     December 31  
    2019     2018  
Long term debt is as follows:            
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   $ 1,568     $ 3,211  
                 
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     11,528       12,976  
                 
Notes payable issued in connection with seller financing of assets acquired, interest at 1%, payable in 24 installments of $24,996, due February 2020     275,000       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     50,000       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     374,783       392,252  
    $ 712,879     $ 812,439  
Less Current Maturities     (436,813 )     (436,813 )
Total Long-Term Debt   $ 276,066     $ 375,626  

 

Interest expense for the three months ended March 31, 2019 and 2018 was $6,691 and $8,018, respectively.