Long Term Debt

6 Months Ended

Jun. 30, 2011

Long Term Debt

NOTE 9 – LONG-TERM DEBT

On September 27, 2006, the Company entered into a five year capital lease agreement in the amount of $591,145. The imputed interest rate is 7.69%. At June 30, 2011, scheduled maturities of the capital lease obligation for the years ending December 31 are as follows:

	Long-Term Debt
(in thousands)
2011	$24
2012	-
Total minimum lease payments	$24
Less:  Amount representing interest	(1)
Present value of capital lease obligation	$23
Current portion of long-term debt	(23)
Non-current portion of long-term debt	$ -