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Debt (Tables)
9 Months Ended
Sep. 30, 2012
Debt  
Schedule of long-term notes payable

 

 

 

 

September 30,
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 the Dansensor stock.

 

$

3,135,415

 

$

 

 

 

 

 

 

 

Seller financed note payable (Seller Note), with interest at 3.46%, payable in semi-annual principal and interest payments totaling $844,000 beginning October 2, 2012 through April 2, 2015, collateralized by 65% of the outstanding shares of Dansensor.

 

4,195,067

 

 

Total long-term notes payable

 

$

7,330,482

 

$

 

Less current portion of long-term notes payable

 

2,457,497

 

 

Total long-term notes payable

 

$

4,872,985

 

$

 

Bank Financing  
Schedule of future minimum principal payments of the long term notes payable

 

 

2012

 

$

992,022

 

2013

 

2,507,448

 

2014

 

2,564,419

 

2015

 

974,941

 

2016

 

291,652

 

Total

 

$

7,330,482