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v2.4.0.6
NOTE 14 - LONG TERM DEBT
9 Months Ended
Sep. 30, 2012
Long-term Debt [Text Block]
NOTE 14 – LONG TERM DEBT.

During the first quarter of 2011 the Company was advanced $210,000 on a promissory note. The note is secured by certain real estate, subject to certain financial covenants and matures in April 2016.  Interest is indexed at prime plus three-quarter percent and may fluctuate between a four and one-quarter percent and seven and three-quarter percent interest rate.

In addition, during the six months ended June 30, 2011, the Company purchased assets in exchange for notes payable of approximately $637,000. The notes bear interest up to three percent and mature through January 2017.

In April 2012, the Company consolidated and refinanced certain notes totaling $778,450 and scheduled to mature in August 2012. The new ten year note expires in April 2022 and carries interest at a 5.25% fixed rate with monthly principal and interest installments of approximately $8,382 and is secured by real estate.

Certain notes payable to a bank are subject to financial covenants as part of the loan agreement. The Company is currently negotiating a waiver of non-compliance as of September 30, 2012.  The notes payable subject to these covenants are classified as current and long term debt and are secured by certain real estate and other assets of the Company including a $150,000 certificate of deposit, which is classified as a current asset while the Company is in negotiations with the bank.