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Long-Term Debt | 12 Months Ended
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Dec. 31, 2011
Notes to Financial Statements |
Long-Term Debt | 7. Long-Term Debt Long-term debt at December 31, 2011 and 2010 is as follows:
|  | 2011 |  | 2010
Note payable to Western States Equipment Co., bearing interest |  |  |  |
at 6.4%; payable in monthly installments of $2,066; maturing |  |  |  |
December 2013; collateralized by equipment |  | $ - |  | $ 67,645
Note payable to Western States Equipment Co., bearing interest |  |  |  |
at 6.15%; payable in monthly installments of $2,032; maturing |  |  |  |
June 2015; collateralized by equipment |  | 77,040 |  | -
Note payable to CNH Capital America, LLC, bearing interest |  |  |  |
at 4.5%; payable in monthly installments of $505; maturing |  |  |  |
June 2013; collateralized by equipment |  | 8,648 |  | 14,052
Note payable to GE Capital, bearing interest at 6.32%; payable in |  |  |  |
monthly installments of $908; maturing June 2011; collateralized by |  |  |  |
equipment |  | - |  | 5,235
Note payable to GE Capital, bearing interest at 2.25%; payable in |  |  |  |
monthly installments of $359; maturing July 2013; collateralized by |  |  |  |
equipment |  | 6,531 |  | 10,639
Note payable to Robert (a deceased and former director) and Phyllis |  |  |  |
Rice, bearing interest at 1%; payable in monthly installments of |  |  |  |
$1,000; maturing April 2011; collateralized by equipment |  | - |  | 3,082
Note payable to Robert and Phyllis Rice, bearing interest |  |  |  |
at 1%; payable in monthly installments of $2,000; maturing |  |  |  |
March 2015; collateralized by equipment |  | 80,882 |  | -
Note payable to De Lage Landen Financial Services |  |  |  |
at 5.2%; payable in monthly installments of $709; maturing |  |  |  |
July 2014; collateralized by equipment |  | 19,229 |  | 27,143
Note payable to Catepillar Finance, bearing interest |  |  |  |
at 6.15%; payable in monthly installments of $766; maturing |  |  |  |
August 2014; collateralized by equipment |  | 21,990 |  | -
Note payable to De Lage Landen Financial Services |  |  |  |
at 5.2%; payable in monthly installments of $697; maturing |  |  |  |
January 2015; collateralized by equipment |  | 23,529 |  | -
|  | 237,849 |  | 127,796
Less current portion |  | (79,631) |  | (45,389)
Noncurrent portion |  | $ 158,218 |  | $ 82,407
At December 31, 2011, principal payments on debt are due as follows:
Year Ending December 31, |  |  |  |
2012 |  | $ | 79,631 |
2013 |  |  | 76,189 |
2014 |  |  | 61,167 |
2015 |  |  | 20,862 |
|  | $ | 237,849 |

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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