Annual report pursuant to Section 13 and 15(d)

Long-Term Debt (Tables)

v3.6.0.2
Long-Term Debt (Tables)
12 Months Ended
Dec. 31, 2016
Long-Term Debt [Abstract]  
Schedule of long-term debt

 

      2016     2015  
               
  Secured mortgage payable to Bank for the purchase of the 100 Commerce Drive Building due in monthly installments of $11,900.     1,767,950       -  
  Note payable, former building owner with only payments due in monthly installments of $1,604 at 5.5%.  A balloon payment of $350 thousand plus unpaid interests due August 2018.     350,000       -  
  Secured debenture payable to Workhorse Custom Chassis, LLC, due March 2016 plus interest at 10%.  The debenture is secured by the real estate and related assets of the plant located in Union City, Indiana.  Paid in February 2016     -       2,722,500  
  Note payable to the City of Loveland with interest of 8%. The note is unsecured and contains restrictions on the use of proceeds.     50,000       50,000  
                   
        2,167,950       2,772,500  
  Less current portion     79,521       2,772,500  
  Long term debt     2,088,429       -
Schedule of aggregate maturities of long-term debt
  2018     381,498  
  2019     33,607  
  2020     35,858  
  2021     38,260  
  2022     44,345  
  Thereafter     1,554,861  
        2,088,429