Quarterly report pursuant to Section 13 or 15(d)

8. Equipment Notes Payable

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8. Equipment Notes Payable
9 Months Ended
Sep. 30, 2016
Notes to Financial Statements  
Note 8. Equipment Notes Payable

The Company has the following equipment notes payable outstanding as of September 30, 2016 and December 31, 2015:

 

 

    Current Balance     2015  
                 
On September 30, 2015, the Company entered into a retail installment purchase contract in the amount of $57,007, secured by a 2016 Dodge Ram 5500 purchased on that date. This installment loan bears interest at a fixed rate of 4.22% and the Company shall make 60 monthly payments of $1,056 beginning October 30, 2015.   $ 46,546     $ 54,433  
                 
On December 15, 2015, the Company entered into a retail installment purchase contract in the amount of $56,711, secured by a 2016 Dodge Ram 5500 purchased on that date. This installment loan bears interest at a fixed rate of 4.22% and the Company shall make 60 monthly payments of $1,050 beginning January 15, 2016.     48,947       56,711  
                 
On March 8, 2016, the Company entered into a retail installment purchase contract in the amount of $46,492, secured by a 2016 Dodge Ram 2500 purchased on that date. This installment loan bears interest at a fixed rate of 5.62% and the Company shall make 72 monthly payments of $764 beginning April 8, 2016.     43,176       -  
                 
On May 26, 2016, the Company entered into a retail installment purchase contract in the amount of $56,936, secured by a 2016 Dodge Ram 5500 purchased on that date. This installment loan bears interest at a fixed rate of 4.89% and the Company shall make 60 monthly payments of $1,072 beginning June 26, 2016.     53,557       -  
                 
Total equipment notes payable     192,226       111,144  
                 
Less Current Portion     39,043       20,979  
                 
Convertible notes payable, net of current portion   $ 153,183     $ 90,165  

 

As of September 30, 2016, scheduled principal payments due on convertible notes payable are as follows:

 

Twelve months ended September 30,      
2017   $ 39,044  
2018     40,897  
2019     42,841  
2020     44,878  
2021     20,203  
2022     4,363  
    $ 192,226