Line of Credit and Long Term Debt (Tables)

3 Months Ended

Mar. 31, 2016

Line of Credit and Long Term Debt [Abstract]

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

Long-term debt consisted of the following:

		MARCH 31,		DECEMBER 31,
		2016		2015
	(Unaudited)
Cardinal Bank mortgage dated December 17, 2010 (1)		$	446,237	$	450,770
Cardinal Bank term note dated December 31, 2011 (2)			659,774		874,692
Total			1,106,011		1,325,462
Less: current portion			(679,074)		(893,706)
Long-term debt, net of current portion		$	426,937	$	431,756

(1)   On December 17, 2010, the Company entered into a real estate purchase agreement to acquire operations and call 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 $4.0 million 5-year term note with Cardinal Bank (“Cardinal Bank Term Note”) to fund a portion of the purchase price paid in connection with the asset purchase agreement with Avalon Global Solutions, Inc. (“AGS”) dated December 30, 2011. The term note bears interest at 4.5% 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.