v2.4.0.8
LONG-TERM DEBT (Tables)
 6 Months Ended
Jun. 30, 2014
Debt Disclosure [Abstract]  
Schedule of long-term debt
 
  
June 30, 2014
  
December 31, 2013
 
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 $4,158,336 at June 30, 2014
  2,475,000   2,250,000 
         
Note payable, Bank due in monthly installments of $635 including interest at 5.04% with the final payment due August 2015.  The note is secured by equipment with a net book value of $7,805 at June 30, 2014
  8,380   11,928 
         
Note payable, vendor due in monthly installments of $439 including interest at 8.00% with the final payment due December 2014.  The note is secured by equipment with a net book value of $7,281 at June 30, 2014
  2,523   5,051 
         
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 
         
Note payable, vendor due in monthly installments of $5,000 for the first half of 2013.  Note paid on March 2014.
  -   123,736 
         
Note payable, vendor due in monthly installments of $2,000 plus interest at 4% for the first half of 2013, escalating to final payment of $18,461 plus interest at 4% in December 2014.  Note paid on May 2014.
  -   190,400 
         
   2,535,903   2,631,115 
Less current portion
  38,645   356,868 
         
Long term debt
  2,497,258   2,274,247 
 
Schedule of aggregate maturities of long-term debt
 
2014
  
38,645
 
2015
  
2,458,613
 
2016
  
-
 
   
2,497,258