| Note 8. Equipment Notes Payable |
The Company has the following equipment notes
payable outstanding as of June 30, 2016 and December 31, 2015:
| |
|
2016 |
|
|
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. |
|
$ |
49,202 |
|
|
$ |
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. |
|
|
51,562 |
|
|
|
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. |
|
|
44,846 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| 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. |
|
|
56,097 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Total equipment notes payable |
|
|
201,707 |
|
|
|
111,144 |
|
| |
|
|
|
|
|
|
|
|
| Less Current Portion |
|
|
38,593 |
|
|
|
20,979 |
|
| |
|
|
|
|
|
|
|
|
| Convertible notes payable, net of current portion |
|
$ |
163,114 |
|
|
$ |
90,165 |
|
As of June 30, 2016, scheduled principal payments
due on convertible notes payable are as follows:
| Twelve months ended June 30, |
|
|
|
| 2017 |
|
$ |
38,593 |
|
| 2018 |
|
|
40,426 |
|
| 2019 |
|
|
42,347 |
|
| 2020 |
|
|
44,360 |
|
| 2021 |
|
|
29,408 |
|
| 2022 |
|
|
6,573 |
|
| |
|
$ |
201,707 |
|
|