Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt

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Long-Term Debt
9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
LONG-TERM DEBT

7. 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.