Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt

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Long-Term Debt
9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
LONG-TERM DEBT
5. 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.