Long term debt and revolving line of credit

12 Months Ended

Dec. 31, 2015

Long term debt and revolving line of credit:

Long term debt and revolving line of credit

Note 16 - Long term debt and revolving line of credit

Long term debt

Long term debt at December 31, 2015 and 2014 consists of the following:

		2015		2014
Two auto loans through Compass bank, interest at 7.99% per annum, monthly principle and interest payments of $538, maturing February 2016	$	1,069	$	7,168
Auto loan through Ford Credit, interest at 6.64% per annum, monthly principle and interest payments of $467, maturing October 2015		-		4,087
Auto loan through Hyundai Motor Finance, interest at 2.99% per annum, monthly principle and interest payments of $878, maturing December 2018.		29,384		38,905
Total notes payable		30,453		50,160
Less: Current maturities		(10,841)		(18,911)
	$	19,612	$	31,249

Revolving line of credit

The Company has a $75,000 unsecured revolving line of credit with Bank of America, with interest at the bank’s prime rate plus 3% due monthly. The line of credit matures on September 4, 2016. At December 31, 2015 and 2014, the Company had $70,000 and $60,000, respectively, outstanding on the line of credit. The line is secured by a personal guarantee of WCI’s president. Interest on the line of credit for the years ended December 31, 2015 and 2014 was $3,853 and $2,844, respectively.