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Term Debt/Wells Fargo Line of Credit Details
9 Months Ended
Sep. 30, 2015
Debt Disclosure [Abstract]  
Term Debt/Wells Fargo Line of Credit Details

NOTE 9 – TERM DEBT / WELLS FARGO LINE OF CREDIT DETAILS

 

As of September 30, 2015, the Company’s outstanding balance with the Wells Fargo revolving line of credit $1,247,634. As of the date of this report, the Wells Fargo revolving line of credit is fully paid off, as further described in Note 14 herein.

 

Related Party

 

On September 24, 2015, Quest Solution issued subordinated promissory notes (the “Promissory Notes”) to three investors (who are also Quest Solution employees) in the aggregate principal amount of $400,000. In connection with this, Quest Solution issued 170,000 shares of Quest Solution’s restricted Common Stock. Promissory Notes accrue interest at six percent (6%) per annum and are payable in twelve (12) equal, monthly installments. The Promissory Notes are due on July 31, 2016.