| Note 7. Equipment Notes Payable |
The
Company has the following equipment notes payable outstanding as of March 31, 2017 and December 31, 2016:
| |
|
Current
Balance |
|
|
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. |
|
$ |
41,147 |
|
|
$ |
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. |
|
|
43,633 |
|
|
|
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. |
|
|
39,766 |
|
|
|
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. |
|
|
48,385 |
|
|
|
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. |
|
|
57,176 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| 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. |
|
|
41,649 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Total
equipment notes payable |
|
|
271,756 |
|
|
|
182,634 |
|
| |
|
|
|
|
|
|
|
|
| Less
Current Portion |
|
|
58,446 |
|
|
|
39,499 |
|
| |
|
|
|
|
|
|
|
|
| Equipment
notes payable, net of current portion |
|
$ |
213,310 |
|
|
$ |
143,135 |
|
As
of March 31, 2017, scheduled principal payments due on equipment notes payable are as follows:
| For
the year ended March 31, |
|
|
|
| 2018 |
|
|
58,446 |
|
| 2019 |
|
|
61,240 |
|
| 2020 |
|
|
64,169 |
|
| 2021 |
|
|
57,689 |
|
| 2022 |
|
|
30,212 |
|
| |
|
$ |
271,756 |
|
| |
|