Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt

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Long-Term Debt
9 Months Ended
Sep. 30, 2016
Long-Term Debt [Abstract]  
LONG-TERM DEBT
5. LONG-TERM DEBT

 

  Long term debt is as follows:   September 30, 2016  
         
  8.0%, Hitachi Capital, payable $631.13 monthly beginning September 2015 through August 2019, secured by delivery equipment with a book value of $29,508   $ 19,644  
           
  3.5%, Wells Fargo Equipment Finance, payable $518.96 monthly beginning April 2016 through March 2021, secured by warehouse equipment with a book value of $28,527     25,449  
           
  10.926%, RMT Equipment, payable 1154.79 monthly beginning September 2016 through October 2018, security be delivery equipment with a book value of $37,523     25,289  
           
      $ 70,382  
  Less Current Maturities     (23,443 )
  Total Long-Term Debt   $ 46,939  

 

Future Debt Maturities – A schedule of expected debt payments and the portion allocated to principal follows:

 

  Twelve Months Ending September 30,   Total
Payment
    Allocated to
Principal
 
  2017   $ 27,779     $ 23,443  
  2018     27,779       25,508  
  2019     13,520       12,835  
  2020     6,228       6,023  
  2021     2,596       2,573  
      $ 77,902     $ 70,382