Quarterly report pursuant to Section 13 or 15(d)

7. Equipment Notes Payable

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7. Equipment Notes Payable
6 Months Ended
Jun. 30, 2017
Notes to Financial Statements  
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