Long-Term Obligations

6 Months Ended

Jun. 30, 2012

Long Term Obligations And Credit Lines [Abstract]

Long-Term Obligations

Long-Term Obligations:

Long-term obligations consist of the following:

	June 30, 2012			December 31, 2011
Mortgage note payable bearing interest at 7.75%, payable in monthly installments of $25,797 through April 2019, collateralized by land and building, and personally guaranteed by the Company’s Chairman of the Board and Chief Executive Officer	$	1,638,285		$	1,727,555
Less – current maturities	(189,226		)	(182,056		)
	$	1,449,059		$	1,545,499

The fair value of long-term debt is estimated based on interest rates for the same or similar instruments offered having the same or similar maturities and collateral requirements.  At June 30, 2012, the fair value of fixed-rate long-term debt was approximately $1,824,000, which was $186,000 above the carrying value of approximately $1,638,000.  At December 31, 2011, the fair value of fixed-rate long-term debt was approximately $1,931,000, which was $203,000 above the carrying value of approximately $1,728,000.