Note 9 - Debt

9 Months Ended

Sep. 30, 2012

Summary Debt Disclosure [Text Block]

NOTE I - DEBT

We have short-term and long-term debt outstanding to Victory Park and the Levys, as well as a capital lease.

Aggregate maturities of all outstanding debt at September 30 were as follows:

	September 30,
2013	$	62,291,726
2014		37,986
Thereafter		--
Total debt, gross		62,329,712
Discount – Victory Park (see Note H)		(7,624,378	)
Total debt, net	$	54,705,334

Presentation on Balance Sheet:

	September 30, 2012		December 31, 2011
Notes payable – Founders: long-term (see Note G)	$	--	$	13,987,518
Notes payable – Founders: short-term (see Note G)		14,437,518		750,000
Notes payable – Victory Park: net of discount of $7,624,378 at September 30, 2012 and $5,335,294 at December 31, 2011 (see Note H)		40,192,231		32,683,456
Capital lease payable– short-term		37,599		--
Capital lease payable– long-term		37,986		--
Total	$	54,705,334	$	47,420,974