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Long-term debt and other financing arrangements (Tables)
6 Months Ended
Jun. 30, 2013
Long-term debt and other financing arrangements  
Schedule of long-term borrowing

 

 

Description 

 

Interest rate

 

June 30, 2013

 

December 31, 2012

 

Convertible Subordinated Unsecured Promissory Note - Richmont Capital Partners V L.P. (including accrued interest)

 

4.00

%

$

20,438,904

 

$

20,041,644

 

 

 

 

 

 

 

 

 

Term loan - KeyBank

 

7.77

%*

5,257,104

 

 

Promissory Note - payable to former shareholder of TLC

 

2.63

%

3,912,145

 

 

Other, equipment notes

 

 

 

46,740

 

 

Total debt

 

 

 

29,654,893

 

20,041,644

 

Less current maturities

 

 

 

1,496,477

 

 

Long-term debt

 

 

 

$

28,158,416

 

$

20,041,644

 

 

 

* Represents the weighted average interest rate at June 30, 2013.  The interest rate is variable based on the agreement described below.