Line of Credit and Long Term Debt (Tables)

12 Months Ended

Dec. 31, 2014

Line of Credit and Long Term Debt [Abstract]

Schedule of Long-term Debt Instruments [Table Text Block]

Long-term debt consisted of the following:

	DECEMBER 31,
	2014		2013
Cardinal Bank mortgage dated December 17, 2010 (1)	$	468,163	$	484,532
Cardinal Bank term note dated December 31, 2011 (2)		1,710,319		2,508,748
Non-contingent subordinated unsecured promissory note dated December 31, 2011 (3)		333,334		666,667
Contingent subordinated unsecured loan note payable dated May 1, 2014 (4)		1,000,000		-
Total		3,511,816		3,659,947
Less: current portion		(2,184,016)		(1,150,455)
Long-term debt, net of current portion	$	1,327,800	$	2,509,492

(1) On December 17, 2010, the Company entered into a real estate purchase agreement to acquire an operations center facility in Columbus, Ohio for approximately $677,000. In connection with the real estate purchase agreement the Company entered into a $528,000 ten-year mortgage with Cardinal Bank to fund the unpaid portion of the purchase price. The mortgage loan bears interest at 6.0% with monthly principal and interest payments of approximately $3,800, and matures on December 17, 2020. The mortgage loan principal and interest payments are based on a twenty-year amortization with the unpaid balance due at maturity. The mortgage loan is secured by the real estate.

(2) On December 31, 2011, the Company entered into a $4 million 5-year term note with Cardinal Bank to fund a portion of the purchase price paid in connection with the asset purchase agreement with AGS dated December 30, 2011. The term note bears interest at 4.50% with monthly principal and interest payments of approximately $74,694, and matures on December 30, 2016. The term note is secured under a corporate security agreement.

(3) On December 31, 2011, the Company entered into a $1.0 million subordinated 3-year term non-contingent note (“term note”) with AGS to fund a portion of the purchase price paid in connection with the asset purchase agreement with AGS dated December 30, 2011. The term note bears interest at 3.0% with estimated remaining annual principal payments of $333,334 payable on April 15, 2015. The note matures on April 15, 2015. The Company paid the second installment due on April 15, 2014. The term note is subordinated to the Cardinal Bank Term Note.

(4) On May 1, 2014, the Company entered into a $1.0 million subordinated 1-year term contingent unsecured loan note with SCL to fund a portion of the purchase price paid in connection with the Share Sale and Purchase Agreement with SHL dated May 1, 2014. The term note bears interest at 3.0% with an estimated lump-sum principal payment of $1.0 million payable on May 1, 2015. The term note is subordinated to the Cardinal Bank Term Note. See Note 4 regarding the determination of fair value of this contingent obligation. 

Summary of Future Repayments on Long-term Debt [Table Text Block]

Future repayments on long-term debt are as follows for fiscal years ending December 31:

2015	$	2,184,016
2016		898,256
2017		21,114
2018		22,416
2019		23,798
Thereafter		362,216
Total	$	3,511,816

Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block]

The following sets forth the Company’s future obligations under capital lease agreement for fiscal years ending December 31:

2015	$	79,320
2016		35,334
2017		4,185
Total		118,839
Less portion representing interest		(5,573)
Present value of minimum lease payments under capital lease agreements		113,266
Less current portion		(76,597)
Capital lease obligations, net of current portion	$	36,669