LONG-TERM DEBT |
|
|
June
30, |
|
|
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 |
|
$ |
1,250 |
|
|
$ |
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 |
|
|
10,068 |
|
|
|
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 |
|
|
200,000 |
|
|
|
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 |
|
|
12,000 |
|
|
|
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 |
|
|
360,266 |
|
|
|
392,252 |
|
|
|
$ |
583,584 |
|
|
$ |
812,439 |
|
Less
Current Maturities |
|
|
(294,712 |
) |
|
|
(436,813 |
) |
Total
Long-Term Debt |
|
$ |
288,872 |
|
|
$ |
375,626 |
|
Interest
expense for the three months ended June 30, 2019 and 2018 was $3,161 and $11,312, respectively and Interest expense for the six
months ended June 30, 2019 and 2018 was $8,690 and $19,330, respectively.
|