Note 7. Equipment Notes Payable |
The
Company has the following equipment notes payable outstanding as of June 30, 2017 and December 31, 2016:
|
|
2017 |
|
|
2016 |
|
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. |
|
$ |
38,405 |
|
|
$ |
43,860 |
|
|
|
|
|
|
|
|
|
|
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. |
|
|
40,934 |
|
|
|
46,304 |
|
|
|
|
|
|
|
|
|
|
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. |
|
|
38,025 |
|
|
|
41,483 |
|
|
|
|
|
|
|
|
|
|
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. |
|
|
45,751 |
|
|
|
50,987 |
|
|
|
|
|
|
|
|
|
|
On
January 23, 2017, the Company entered into a retail installment purchase contract in the amount of $58,926, secured by a 2017
Dodge Ram 5500 purchased on that date. This installment loan bears interest at a fixed rate of 4.74% and the Company shall
make 60 monthly payments of $1,105 beginning February 23, 2017. |
|
|
54,528 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
On
February 29, 2017, the Company entered into a retail installment purchase contract in the amount of $42,275, secured by a
2017 Dodge Ram 2500 purchased on that date. This installment loan bears interest at a fixed rate of 4.74% and the Company
shall make 60 monthly payments of $793 beginning March 29, 2017. |
|
|
39,757 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Total
equipment notes payable |
|
|
257,400 |
|
|
|
182,634 |
|
|
|
|
|
|
|
|
|
|
Less
Current Portion |
|
|
59,132 |
|
|
|
39,499 |
|
|
|
|
|
|
|
|
|
|
Equipment
notes payable, net of current portion |
|
$ |
198,268 |
|
|
$ |
143,135 |
|
As
of June 30, 2017, scheduled principal payments due on equipment notes payable are as follows:
For
the year ended June 30, |
|
|
|
2018 |
|
$ |
59,132 |
|
2019 |
|
|
61,959 |
|
2020 |
|
|
64,923 |
|
2021 |
|
|
50,968 |
|
2022 |
|
|
20,418 |
|
|
|
$ |
257,400 |
|
|