Long term debt and revolving line of credit

9 Months Ended

Sep. 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

		September 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.		-		29,3845
Auto loan through BMO Harris, interest at 4.24% per annum, monthly principle and interest payments of $435, maturing March 21, 2019		8,920		-
Loan through LoanMe, Inc., interest at 94% per annum, monthly principle and interest payments of $2,233, maturing March 1, 2026. *		28,498		-
Total long term debt		37,418		30,453
Less: Current maturities		(1,368)		(10,841)
	$	36,050	$	19,612

* Although the loan maturity is 2026, Company management intended this to be a short term loan and the loan was paid in full in October, 2016, see note 24.

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 matured on September 4, 2016 and was due November 4, 2016. At September 30, 2016 and December 31, 2015, the Company had $70,000 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 September 30, 2016 and, 2015 was $1,101 and $959, respectively. Interest on the line of credit for the nine months ended September 30, 2016 and, 2015 was $3,233 and $2,844, respectively. Subsequent to September 30, 2016, the Company obtained a $100,000 loan under a commercial credit agreement which was used to pay off the revolving line of credit with Bank of America, see Note 24.