XML 81 R58.htm IDEA: XBRL DOCUMENT

13. Long-Term Debt (Details Narrative) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Debt Disclosure [Abstract]
Refinery Note	$ 8,755,089	$ 9,057,937
Refinery loan accrued interest	40,127	40,132
Notre Dame debt accrued interest	1,222,360	1,066,784
Construction and Funding Agreement		5,747,330
Construction funding accrued interest		700,597
Capital leases	483,682
Effective rate	5.50%
Notre Dame Debt	$ 1,300,000	$ 1,300,000

This element represents the current and noncurrent portions of a long-term real estate loan with an initial maturity beyond one year or beyond the normal operating cycle, if longer, to finance building costs. The funds are disbursed as needed or in accordance with a prearranged plan; generally, a portion of the funds is disbursed at inception and the remainder as construction progresses. The money is repaid on completion of the project (generally one to seven years), usually from the proceeds of a mortgage loan. The rate is normally higher than the prime rate, and there is usually an origination fee. The effective yield on these loans tends to be high, and the lender has a security interest in the real property.

+ References+ Details