| 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.
|