| Schedule of long-term debt |
| | | | June 30, 2015 | | | December 31, 2014 | | | | 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 $3,805,015 at June 30, 2015 | | | 2,722,500 | | | | 2,475,000 | | | | | | | | | | | | | | | 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 $1,121 at June 30, 2015 | | | 2,780 | | | | 4,711 | | | | | | | | | | | | | | | Note payable, vendor due in monthly installments of $439 including interest at 8.00% with the final payment due December 2014. The was paid on December 31, 2014 | | | - | | | | 334 | | | | | | | | | | | | | | | 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 | | | | | | | 2,775,280 | | | | 2,530,045 | | | | Less current portion | | | 2,765,280 | | | | 35,904 | | | | Long term debt | | | 10,000 | | | | 2,494,141 | |
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