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Note15. Debt
12 Months Ended
Dec. 31, 2015
Notes  
Note15. Debt

15.  Debt

 

In connection with the acquisition of a controlling interest in GAF discussed in Note 2, the Company assumed $3,806,000 of GAF’s debt.  As of December 31, 2015, this debt is comprised of: (i) various term loans with former owners of a subsidiary of GAF, aggregating $2,964,000, with various maturities through January 2, 2019 and bearing a fixed interest rate of 2.5%; and (ii) a $225,000 line of credit with a commercial bank bearing interest at 4%.

 

Cash payments for principal and interest on debt was $617,000 and $23,000 respectively, for the eight months following the acquisition date of April 30, 2015 through December 31, 2015.