XML 65 R14.htm IDEA: XBRL DOCUMENT v2.4.0.8
LONG-TERM DEBT
6 Months Ended
Jun. 30, 2013
LONG-TERM DEBT:  
Long-term Debt
8. LONG-TERM DEBT
Long-term  debt  consists of the  following as of June 30, 2013 and December 31,
2012:
                                                   June 30,         December 31,
                                                     2013               2012
                                                  ----------         ----------
Equipment  loans payable,  collateralized  by
the assets purchased, and bearing interest at
annual  fixed  rates  ranging  from  8.00% to
15.00% as of June 30, 2013 and  December  31,
2012 with  principal and interest  payable in
installments through July 2014                     $  620,823        $  748,293
Promissory notes payable,  with zero interest
to current accounts payable vendors.  Payment
terms are from 12 to 36 months                      3,301,582         3,135,840
Promissory   notes   payable,   with  accrued
interest,  to three former  stockholders of a
predecessor   company.    These   notes   are
unsecured   and   are   subordinate   to  the
Company's  senior debt. The notes matured and
are in default  as of June 30,  2013 and bear
interest at an annual fixed rate of 6.00%             500,000           500,000
Note payable to a commercial bank. Payable in
monthly   installments   of   principal   and
interest   through  March  2015.  The  annual
interest rate is 7.25%                                186,719           242,149
Bridge   loan   with   a   commercial   bank,
collateralized   by   property,   plant   and
equipment  in addition  to assets  purchased,
and bearing  interest at 2.75% above the U.S.
Prime  Rate  with  a  floor  of  5.00%  and a
ceiling  of  7.00%.   The  loan   matures  on
February 1, 2014.                                   2,749,985         2,749,985
                                                   ----------        ----------
Total                                               7,359,109         7,376,267
Less current portion                                6,100,700         6,057,595
                                                   ----------        ----------
Long-term portion                                  $1,258,409        $1,318,672
                                                   ==========        ==========