Line of Credit and Long Term Debt (Tables)

6 Months Ended

Jun. 30, 2017

Line of Credit and Long Term Debt [Abstract]

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

Long-term debt consisted of the following:

	JUNE 30,		DECEMBER 31,
	2017		2016
	(Unaudited)
Cardinal Bank mortgage dated December 17, 2010 (1)	$	-	$	432,367
Cardinal Bank term note dated December 31, 2011 (2)		-		74,681
Total		-		507,048
Less: current portion		-		94,868
Long-term debt, net of current portion	$	-	$	412,180
Long-term debt related to assets held for sale, net of current portion	$	-	$	412,180

(1) On December 17, 2010, the Company entered into a real estate purchase agreement to acquire the Lewis Center Facility for approximately $677,000 and financed a significant portion of the purchase price with a $528,000 ten-year mortgage with Cardinal Bank. On May 22, 2017, the Company completed the sale of this real estate asset and paid off the balance of the mortgage. See Note 3 for additional information regarding the sale of the property.

(2) On December 31, 2011, the Company entered into a $4.0 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 Avalon Global Solutions, Inc. dated December 30, 2011. The Company paid the last scheduled installment on January 6, 2017.

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

The following sets forth the Company’s future minimum payment obligations under these capital lease agreements for fiscal years ending June 30, 2017:

 

2017	$	22,500
2018		22,500
2019		22,500
2020		21,115
Total principal and interest payments		88,615
Less: portion representing interest		9,469
Present value of minimum lease payments under capital lease agreements		79,146
Less: current portion		18,027
Capital lease obligations, net of current portion	$	61,119