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EXCEL - IDEA: XBRL DOCUMENT - MIT Holding, Inc.Financial_Report.xls
10-Q - MIT Holding, Inc.form10q.htm
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EX-31.2 - CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO RULE 13A-14(A) AND RULE 15D-14(A) - MIT Holding, Inc.ex31-2.htm
EX-32.2 - CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER - MIT Holding, Inc.ex32-2.htm
EX-31.1 - CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO RULE 13A-14(A) AND RULE 15D-14(A) - MIT Holding, Inc.ex31-1.htm
EX-32.1 - CERTIFICATION OF CHIEF EXECUTIVE OFFICER - MIT Holding, Inc.ex32-1.htm
v2.4.0.6
Debt
9 Months Ended
Sep. 30, 2012
Debt Disclosure [Abstract]  
Debt

 

NOTE G – DEBT

 

The Company’s debt is as follows:   September 30, 2012     December 31, 2011  
             
Globank Corp., interest at 14.9% payable monthly commencing January 1, 2011(interest at 60% in 2009 and 2010), due in monthly installments of $1,000 from February 1, 2011 to December 1, 2013 and a balloon payment of $1,002,727 on January 1, 2014, secured by Company assets and guaranties of the Company’s chief executive officer and the Company’s three subsidiaries (less unamortized debt discounts of $410,000 and $0, respectively) MIT’s newly elected Co-Chairman and Co-President, Walter H.C. Drakeford (“Drakeford”) whom is also the Company’s new Chief Financial Officer, Secretary and Director has had a professional relationship with a financing entity in which the president of Globank is involved in.   $ 695,727     $ 709,727  
                 
The Coastal Bank - installment loan, interest at 10%, initially due September 28, 2008, now informally due in monthly installments of principal and interest of $10,000 through April 20, 2011.     -          
                 
Metro Medical – installment loan, interest at 12% due in monthly installments of principal and interest of $20,000 through August 20,2014, secured by Company assets and guaranty of the Company’s Chief Executive Officer     354,595          
                 
Smith Medical – installment loan, interest at 12%, due in monthly installments of principal and interest of $5,212 through December 28,2013 , secured by Company assets and guaranty of the Company’s Chief Executive Officer     84,177          
                 
Suntrust Bank Fixed Rate Term Note, interest at 10%, due in monthly installments of principal and interest of $7,798 through April 10, 2014, secured by guaranty of the Company’s Chief Executive Officer     154,039       192,212  
                 
                 
Total     1,288,538       901,939  
Current portion of debt     317,148       183,423  
Long – term debt   $ 971,390     $ 718,516  

 

Maturities of debt at SEPTEMBER 30, 2012 are as follows:

 

Years ending June 30,     Amount  
  2012     $ 86,359  
  2013       323,726  
  2014       878,453  
        $ 1,288,538