| Note 7. Equipment Notes Payable |
| |
|
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. |
|
$ |
43,860 |
|
|
$ |
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. |
|
|
46,304 |
|
|
|
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. |
|
|
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. |
|
|
50,987 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Total
equipment notes payable |
|
|
182,634 |
|
|
|
111,144 |
|
| |
|
|
|
|
|
|
|
|
| Less
Current Portion |
|
|
39,499 |
|
|
|
20,979 |
|
| |
|
|
|
|
|
|
|
|
| Equipment
notes payable, net of current portion |
|
$ |
143,135 |
|
|
$ |
90,165 |
|
As
of December 31, 2016, scheduled principal payments due on convertible notes payable are as follows:
| |
|
|
|
|
|
|
|
|
| For
the year ended December 31, |
|
|
|
|
|
|
|
|
| 2017 |
|
$ |
40,000 |
|
|
|
|
|
| 2018 |
|
|
41,000 |
|
|
|
|
|
| 2019 |
|
|
43,000 |
|
|
|
|
|
| 2020 |
|
|
42,000 |
|
|
|
|
|
| 2021 |
|
|
14,000 |
|
|
|
|
|
| 2022 |
|
|
2,000 |
|
|
|
|
|
| |
|
$ |
182,000 |
|
|
|
|
|
|