Long term debt and revolving line of credit

6 Months Ended

Jun. 30, 2016

Long term debt and revolving line of credit:

Long term debt and revolving line of credit

Note 14 - Long term debt and revolving line of credit

Long term debt

		June 30, 2016		December 31, 2015
Two auto loans through Compass bank, interest at 7.99% per annum, monthly principle and interest payments of $538, maturing February 2016	$	-	$	1,069
Auto loan through Hyundai Motor Finance, interest at 2.99% per annum, monthly principle and interest payments of $878, maturing December 2018.		24,523		29,3845
Auto loan through BMO Harris, interest at 4.24% per annum, monthly principle and interest payments of $435, maturing March 21, 2019		11,804		-
Loan through LoanMe, Inc., interest at 94% per annum, monthly principle and interest payments of $2,233, maturing March 1, 2026. *		28,499		-
Total long term debt		64,826		30,453
Less: Current maturities		(12,118)		(10,841)
	$	52,708	$	$ 19,612

* Although the loan does not mature until 2026, the Company intends to pay the loan to LoanMe, Inc. off in 2016.

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 June 30, 2016 and December 31, 2015, the Company had $60,000 and $70,000 outstanding on the line of credit, respectively. The line is secured by a personal guarantee of WCI’s president. Interest on the line of credit for the three months ended June 30, 2016 and, 2015 was $982 and $948, respectively. Interest on the line of credit for the six months ended June 30, 2016 and, 2015 was $2,132 and $1,885, respectively.