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Long and short-term capital leases (Tables)
12 Months Ended
Dec. 31, 2012
Long and short-term capital leases  
Schedule of long and short-term capital leases

 

 

 

 

December 31,

 

 

 

2012

 

2011

 

 

 

 

 

 

 

Capital leases to various lessors secured by financed equipment with interest rates ranging from 4.67% to 20.04%. Principal and interest are payable monthly through May 2016

 

$

701,598

 

$

495,987

 

Total long and short-term portions of capital leases

 

701,598

 

495,987

 

Less short-term portion capital leases

 

(337,588

)

(247,257

)

Long-term portion of capital leases

 

$

364,010

 

$

248,730

 

Schedule of interest expense by term debt component

 

 

 

 

Year ended December 31,

 

 

 

2012

 

2011

 

2010

 

 

 

 

 

 

 

 

 

Inter-Atlantic Fund L.P. note payable (non-cash)

 

$

 

$

 

$

295,743

 

Capital leases

 

55,699

 

64,462

 

65,257

 

Total term debt interest expense

 

$

55,699

 

$

64,462

 

$

361,000