| LONG-TERM DEBT |
| |
|
September 30, |
|
|
December 31, |
|
| |
|
2020 |
|
|
2019 |
|
| Long term debt is as follows: |
|
|
|
|
|
|
| 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 |
|
$ |
2,572 |
|
|
$ |
7,109 |
|
| |
|
|
|
|
|
|
|
|
| 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 |
|
| |
|
|
|
|
|
|
|
|
| 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 |
|
|
274,810 |
|
|
|
320,204 |
|
| |
|
$ |
277,382 |
|
|
$ |
352,310 |
|
| Less Current Maturities |
|
|
(88,049 |
) |
|
|
(110,231 |
) |
| Total Long-Term Debt |
|
$ |
189,333 |
|
|
$ |
242,079 |
|
Interest expense for the three months ended September 30, 2020
and 2019 was $142 and $27,067, respectively.
Interest
expense for the nine months ended September 30, 2020 and 2019 was $19,728 and $35,757, respectively.
|