| Note 7. Equipment Notes Payable |
The
Company has the following equipment notes payable outstanding as of September 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. |
|
$ |
35,634 |
|
|
$ |
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. |
|
|
38,206 |
|
|
|
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. |
|
|
36,259 |
|
|
|
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. |
|
|
43,084 |
|
|
|
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. |
|
|
51,849 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| 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. |
|
|
38,483 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Total equipment
notes payable |
|
|
243,515 |
|
|
|
182,634 |
|
| |
|
|
|
|
|
|
|
|
| Less
Current Portion |
|
|
60,467 |
|
|
|
39,499 |
|
| |
|
|
|
|
|
|
|
|
| Equipment
notes payable, net of current portion |
|
$ |
183,048 |
|
|
$ |
143,135 |
|
As
of September 30, 2017, scheduled principal payments due on equipment notes payable are as follows:
| For
the year ended September 30, |
|
|
|
| 2018 |
|
$ |
60,467 |
|
| 2019 |
|
|
62,687 |
|
| 2020 |
|
|
65,686 |
|
| 2021 |
|
|
42,018 |
|
| 2022 |
|
|
12,657 |
|
| |
|
$ |
243,515 |
|
|