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Long Term Debt
9 Months Ended
Sep. 30, 2016
Notes  
Long Term Debt

 

Note 4 Long Term Debt

 

In June 2015, the Company received a term loan of $200,000 from a local bank which was used to fund upgrades to the property management and central reservation systems.  These outflows will be recouped by the Company through reimbursements from managed properties.  The loan is for a fixed interest rate of 5.875% with monthly payments of $3,855 and matures in June 2020.  The outstanding balance of this loan was $155,200 and $191,033 as of September 30, 2016 and September 30, 2015, respectively.

 

In April 2016, the Company received a loan of $40,178 to finance the purchase carts for one of its managed properties.  The loan is secured by the equipment purchased.  The loan is for a fixed interest rate of 4.43% with monthly payments of $749 and matures in March, 2021.  The outstanding balance of this loan was $36,555 at September 30, 2016.