Quarterly report pursuant to Section 13 or 15(d)

Equipment Notes Payable

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Equipment Notes Payable
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Note 8 - Equipment Notes Payable

The Company has the following equipment notes payable outstanding as of September 30, 2018 and December 31, 2017:

 

    2018     2017  
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.   $ 24,252     $ 32,833  
                 
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.     27,002       35,449  
                 
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.     28,943       34,468  
                 
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.     32,088       40,385  
                 
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.     40,810       49,138  
                 
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.     30,625       36,554  
                 
Total equipment notes payable     183,720       228,827  
                 
Less Current Portion     63,359       61,177  
                 
Equipment notes payable, net of current portion   $ 120,361     $ 167,650  

 

As of September 30, 2018, scheduled principal payments due on equipment notes payable are as follows:

 

For the year ended September 30,      
2019   $ 63,359  
2020     65,686  
2021     42,018  
2022     12,657  
    $ 183,720