|3 Months Ended|
Mar. 31, 2016
|Long-Term Debt [Abstract]|
Note 6 – Long-Term Debt
During 2015, the Company acquired WRE and the related debt outstanding as of the acquisition date. See note 10, Acquisitions, for a breakdown of the purchase price allocation and total acquired debt, most of which relates to equipment financing, the equipment of which was also acquired.
Following is a breakdown of non-related party long term debt:
The aggregate annual maturities of non-related party long-term debt are as follows:
Related Party Shareholder Loan
The Company had a note due the largest shareholder of the Company. This note was unsecured, had a maturity date of December 31, 2016 and carried a 1% interest rate. On approximately January 1, 2016, the Note was converted to 10% cumulative preferred stock and the Note was cancelled. The total converted debt was $2,000,000. The balance of the note as of March 31, 2016 and December 31, 2015 was $0 and $2,017,301, respectively. The residual balance of $17,301 that was not converted, was reclassified to a short term, unsecured, non-interest bearing related party payable, included with due to related party on our Consolidated Balance Sheet.
On October 15, 2015, the Company acquired a related entity that was 50% owned by the largest shareholder of the Company. As part of that acquisition, the Company acquired a shareholder note owed to the same majority shareholder of the Company. The balance of the note, including accrued interest on the acquisition date was $1,512,753. As discussed above, $1,500,000 of this total was converted to Preferred Stock on approximately January 1, 2016.
The entire disclosure for long-term debt.
Reference 1: http://www.xbrl.org/2003/role/presentationRef