| LONG-TERM DEBT |
| |
|
September 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 |
|
$ |
- |
|
|
$ |
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 |
|
|
8,595 |
|
|
|
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 |
|
|
125,000 |
|
|
|
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 |
|
|
- |
|
|
|
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 |
|
|
338,766 |
|
|
|
392,252 |
|
| |
|
$ |
472,361 |
|
|
$ |
812,439 |
|
| Less Current Maturities |
|
|
(207,582 |
) |
|
|
(436,813 |
) |
| Total Long-Term Debt |
|
$ |
264,779 |
|
|
$ |
375,626 |
|
Interest
expense for the three months ended September 30, 2019 and 2018 was $27,067 and $(4,795), respectively and interest expense for
the nine months ended September 30, 2019 and 2018 was $35,757 and $14,535, respectively.
|