Annual report pursuant to Section 13 and 15(d)

Long-Term Debt (Tables)

v3.3.1.900
Long-Term Debt (Tables)
12 Months Ended
Dec. 31, 2015
Long-Term Debt/ Subscription Agreements [Abstract]  
Schedule of long-term debt

      December 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 $3,628,354 at December 31, 2015     2,722,500       2,475,000  
                   
  Note payable, Bank due in monthly installments of $635 including interest at 5.04%.  The note was paid during 2015.     -       4,711  
                   
  Note payable, vendor due in monthly installments of $439 including interest at 8.00%. The note was paid during 2015     -       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  
                   
        2,772,500       2,530,045  
  Less current portion     2,772,500       35,904  
  Long term debt     -       2,494,141