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Long Term Debt (Tables)
12 Months Ended
Dec. 31, 2012
Long Term Debt  
Schedule of the Company's long term debt

The Company’s long term debt consists of the following (in thousands):

 

December 31,

 

2012

 

2011

 

 

 

 

 

 

 

Term note to PNC Bank, 30-day LIBOR plus 5.0%, payable $15,000 per month plus interest, with annual mandatory prepayment equal to 50% of excess cash flow commencing after calendar year 2012. A final payment of the lesser of $3,090,000 and the outstanding principal balance is due on October 31, 2016.

 

$

3,405

 

$

3,585

 

 

 

 

 

 

 

Subordinated convertible term notes (less debt discount of $1.4 million as of December 31, 2012), 12-1/2% due on October 22, 2017

 

4,748

 

 

 

 

 

 

 

 

Total debt

 

8,153

 

3,585

 

 

 

 

 

 

 

Less current portion

 

3,405

 

180

 

 

 

 

 

 

 

Long-term debt, less current maturities

 

$

4,748

 

$

3,405

 

Schedule of aggregate amounts of long-term debt maturing in future years

The aggregate amounts of long-term debt maturing in future years (excluding a debt discount of $1.4 million) as of December 31, 2012, are as follows (in thousands):

 

Year Ended December 31,

 

Total

 

2013

 

$

3,405

 

2014

 

 

2015

 

 

2016

 

 

2017

 

6,188

 

 

 

$

9,593