Annual report pursuant to Section 13 and 15(d)

Long-Term Debt

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Long-Term Debt
12 Months Ended
Dec. 31, 2016
Long-Term Debt [Abstract]  
LONG-TERM DEBT
6. LONG-TERM DEBT

 

Long-term debt is as follows:

 

      December 31, 
2016
 
  8.0%, Hitachi Capital, payable $631.13 monthly beginning September 2015 through August 2019, secured by delivery equipment with a book value of $26,059   $ 18,133  
           
  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 $26,150     24,559  
           
  10.926%, RMT Equipment, payable $1,154.79 monthly beginning June 2016 through October 2018, secured by delivery equipment with a book value of $33,076     22,477  
      $ 65,169  
           
  Less Current Maturities     (23,443 )
  Total Long-Term Debt   $ 41,726  

  

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

 

    Total     Allocated to  
  Year Ending December 31   Payment     Principal  
  2017   $ 27,779     $ 23,443  
  2018     24,634       23,369  
  2019     11,277       10,750  
  2020     6,228       6,058  
  2021     1,558       1,549  
      $ 71,476     $ 65,169  

 

Interest expense for the years ended December 31, 2016 and 2015 was $5,251 and $2,916, respectively.