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Note 9 - Debt

12 Months Ended

Dec. 31, 2011

9. Debt

We have short-term and long-term debt outstanding to Victory Park and the Levys.

Aggregate maturities of all outstanding debt at December 31, 2011 were as follows:

2012	$	750,000
2013		52,006,268
Thereafter		--
		52,756,268
Discount – Victory Park (see Note 8)		(5,335,294	)

	$	47,420,974

Presentation on Balance Sheet:

	December 31, 2011		December 31, 2010
Notes payable – Levys: long-term (see Note 4)	$	13,987,518	$	14,737,518
Notes payable – Levys: short-term (see Note 4)		750,000		--
Notes payable – Victory Park –net of discount of $5,335,294 in 2011 and $7,939,433 in 2010 (see Note 8)		32,683,456		25,060,567
Note payable-China Joint Venture Partner (see Note 7)		--		1,200,000
	$	47,420,974	$	40,998,085

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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