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PROSHOT CONCRETE, INC. AND SUBSIDIARIES
<br />NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
<br />DECEMBER 31, 2019 AND 2018
<br />3. PROPERTY AND EQUIPMENT
<br />A summary of property and equipment at December 31, 2019 and 2018, is as follows:
<br />Land
<br />Equipment
<br />Furniture and fixtures
<br />Automobiles and trucks
<br />Buildings
<br />Less accumulated depreciation
<br />Net property and equipment
<br />2019 2018
<br />$ 422,182
<br />3,085,354
<br />32,831
<br />2,297,124
<br />1,352,306
<br />$ 122,182
<br />2,944,192
<br />32,831
<br />2,244,664
<br />1,327,306
<br />7,189, 797 6,671,175
<br />(3,151,089) (2,877;216)
<br />$ 4,038,708 $ 3,793,959
<br />Depreciation expense for the years ended December 31, 2019 and 2018, was $631,662 and
<br />$591,213, respectively.
<br />4. LINE OF CREDIT
<br />The Company has a line of credit with a local financial institution with an aggregate limit of
<br />$4,000,000 and an interest rate of 4.25%. It is secured by the personal guarantee of the stockholder
<br />and substantially all business assets and matures on June 1, 2020. The amount outstanding at
<br />December 31, 2019, was $1,731,537 ($2,468,465 in 2018).
<br />The Company had a line of credit with a local financial institution with an aggregate limit of
<br />$875,000 and interest rate of 4.25% with an outstanding balance of $240,000 at
<br />December 31, 2018. It was secured by the personal guarantee of the stockholder and substantially
<br />all business assets. During 2019, this was converted into a term loan, described in Note 5.
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