(16) Debt

Long-term notes payable consists of the following:

	December 31, 2012		December 31, 2011

Note payable to bank, with interest at 3.46%, payable in monthly principal installments of $72,917 plus interest through March 28, 2016, collateralized by all the assets of the Company except Dansensor stock.	$	2,916,664	$	—
Seller financed note payable (Seller Note), with interest at 3.46%, payable in semi-annual principal and interest payments totaling $891,000 beginning October 2, 2012 through April 2, 2015, collateralized by 65% of the outstanding stock of Dansensor.		3,517,067		—
Capital leases (Note 8)		59,286		—

Total long-term notes payable	$	6,493,017	$	—
Less current portion of long-term notes payable		2,566,154		—

Total long-term notes payable	$	3,926,863	$	—

The Company has a $5.0 million secured revolving line of credit with a maturity date of March 28, 2016. Interest is charged monthly at one-month LIBOR plus 1.75 basis points which totaled 2.00% at December 31, 2012. The line of credit is secured by the assets of the Company with the exception of the Dansensor stock. The Company had $4,675,000 outstanding on the line of credit at December 31, 2012. Additionally, Dansensor has a DKK 10,000,000 (approximately $1.7 million) available line of credit of which $652,000 was outstanding as of December 31, 2012. Outstanding borrowings are charged interest at 4.35% per year.

The Company is subject to various financial and restrictive covenants in the bank Credit Agreement, including maintaining certain financial ratios and limits on incurring additional indebtedness, making capital and lease expenditures and making share repurchases.

On June 28, 2012, the Company entered into the first amendment to the Seller Note (the Amendment). The Amendment called for two prepayments of DKK 6,500,000 (approximately $1.1 million) each, which were paid on June 29, 2012 and July 30, 2012. As a result of the prepayments, the maturity date of the Seller Note was revised to April 2, 2015 and the collateral securing the repayment of the Seller Note was changed from 100% to 65% of the common stock of Dansensor.

The carrying value of the Seller Note is adjusted for foreign currency translation at each reporting period and the change in value is included in other income in the consolidated statements of income.

As of December 31, 2012, the future minimum principal payments of the long-term notes payable for each fiscal year thereafter is as follows:


2013	$	2,566,154
2014		2,625,561
2015		992,734
2016		305,797
2017		2,771

Total	$	6,493,017