Junior Subordinated Debenture

9 Months Ended

Sep. 30, 2012

Junior Subordinated Debenture

Junior Subordinated Debenture

(10) Junior Subordinated Debenture. The terms of the debenture agreement allow the Company to defer payments of interest on the debenture by extending the interest payment period at any time during the term of the debenture for up to twenty consecution quarterly periods. The Company has elected its right to defer payment of interest on the debenture. Accrued and unpaid interest on the debenture totaled $446,629 at September 30, 2012.