Annual report pursuant to Section 13 and 15(d)

Long-Term Debt

v3.20.1
Long-Term Debt
12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
LONG-TERM DEBT
6. LONG-TERM DEBT

 

    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     -       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     7,109       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     24,997       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     320,204       392,252  
    $ 352,310     $ 812,439  
Less Current Maturities     (110,231 )     (436,813 )
Total Long-Term Debt   $ 242,079     $ 375,626  

  

Debt maturities as of December 31, 2019 are as follows:      
2020   $ 110,231  
2021     84,714  
2022     91,860  
2023     65,505  
    $ 352,310  

 

Interest expense for the years ended December 31, 2019 and 2018 was $45,191 and $23,565, respectively.