Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt (Tables)

v2.4.1.9
Long-Term Debt (Tables)
3 Months Ended
Mar. 31, 2015
Long-Term Debt/ Subscription Agreements [Abstract]  
Schedule of long-term debt

           
    March 31, 2015     December 31, 2014  
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 with a net book value of $3,893,345 at March 31, 2015     2,722,500       2,475,000  
                 
Note payable, Bank due in monthly installments of $635 including interest at 5.04% with the final payment due August 2015.  The note is secured by equipment with a net book value of $2,792 at March 31, 2015     2,780       4,711  
                 
Note payable, vendor due in monthly installments of $439 including interest at 8.00% with the final payment due December 2014.  The was paid on December 31, 2014     -       334  
                 
Note payable to the City of Loveland, due in annual installments of $10,241 including interest with the final payment due October 2016.  Interest rate amended to 8.00%.  The note is unsecured and contains restrictions on the use of proceeds.     50,000       50,000  
                 
      2,775,280       2,530,045  
Less current portion     2,765,280       35,904  
Long term debt     10,000       2,494,141  

Schedule of aggregate maturities of long-term debt

     
  2016            10,000