Note 10 - Note Payable

9 Months Ended

Sep. 30, 2012

Short-term Debt [Text Block]

NOTE 10 – NOTE PAYABLE

On October 11, 2012, the Company entered into an unsecured note payable of $1.8 million.  The note, which is scheduled to mature on September 1, 2013, is payable in monthly installments of principal and interest of approximately $0.2 million and bears interest at 1.8%.  The note is being used to finance a portion of the Company’s annual insurance premiums and is payable to a third party other than the insurance company.

On October 14, 2011, the Company entered into an unsecured note payable of $1.8 million.  The note, which was payable in monthly installments of principal and interest of approximately $0.2 million and bearing interest at 1.9% matured on September 1, 2012.  The note was used to finance a portion of the Company’s annual insurance premiums and was paid to a third party other than the insurance company.