Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt

v3.7.0.1
Long-Term Debt
3 Months Ended
Mar. 31, 2017
Long-Term Debt [Abstract]  
Long-Term Debt

Note 7 – Long-Term Debt

 

Long-term debt consists of the following at March 31, 2017 and 2016:

 

    March 31, 2017     December 31, 2016  
             
Installment loan from shareholder, Clyde Biston, payable in monthly interest-only payments of $529; interest rate of 4.25% p.a.   $ 52,530     $ 155,746  
                 
Installment loan from shareholder, Clyde Biston, payable in monthly interest-only payments of $626; interest rate of 4.75% p.a.     167,630       167,630  
                 
Installment loan from shareholder, Clyde Biston, payable in monthly interest-only payments of $693; interest rate of 4.75% p.a.     182,749       182,749  
                 
Installment loan from shareholder, Clyde Biston, payable in monthly interest-only payments of $693; interest rate of 4.75% p.a.     182,752       182,752  
                 
Line of credit, Centennial Bank, Dade City, FL variable interest of 1.25% over prime, current rate 3.25% p.a., secured by land, improvements, and accounts receivable. Line of credit matures May 5, 2018.     1,744,076       1,750,300  
                 
Installment loan from shareholder, Clyde Biston. Payable in monthly payments of $31,355, interest rate of 6.15%. Deferred until January 2017.     2,689,609       2,758,924  
                 
Installment loan, Aramsco Inc, Paulsboro, New Jersey, monthly payments of $14,144 for 12 months starting October 2016, and then 8 monthly payments of $31,335, annual interest 3.74%.     308,138       363,447  
                 
Installment loan, Gerard Chimney Co, St. Louis, Missouri monthly payments of $5,000, annual interest of 3.75%.     170,465       190,465  
                 
Various installment loans payable in monthly payments, interest rates ranging from 0% to 9.5% p.a., secured by various equipment, vehicles, and property.     545,348       648,889  
                 
Total     6,043,297       6,400,902  
Less: Current portion     (813,310 )     (831,641 )
Long-term debt, less current portion   $ 5,229,987       5,569,261  

 

At March 31, 2017, the Company owed Mr. Biston $3,275,270 under to his loans ($3,401,795 at March 31, 2016). Commencing January 1, 2017, the Company is paying Mr. Biston approximately $32,000 per month over the next eight and a half (8.5) years until the loan in the original principal amount of $2,800,000 has been repaid. In addition, commencing January 1, 2017, on the remaining outstanding loans, the Company is paying Mr. Biston approximately $2,540 per month in interest only.