XML 57 R15.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Notes Payable | 9 Months Ended
--- | ---
Sep. 30, 2012
Notes Payable [Abstract] |
Notes Payable | Note 8 – NOTES PAYABLE Notes payable consist of the following:
|  | September 30, |  |  | December 31 |
|  | 2012 |  |  | 2011 |  |  | 2011 |
Note payable to Private Bank in monthly installments of $42,222, plus variable interest rate, currently at 2.7963%, with a balloon payment of $5,066,667 due February 6, 2014. Collateralized by substantially all assets of the Company. |  | $ | 5,534,445 |  |  | $ | 6,248,889 |  |  | $ | 5,914,445 |
Line of credit with Private Bank at variable interest rate, currently at 3.25%. The agreement has been extended with terms allowing borrowings up to $2.0 million, maturing on May 31, 2012. Collateralized by substantially all assets of the Company. |  |  | 0 |  |  |  | 0 |  |  |  | 1,000,000 |
Line of credit with Morgan Stanley for borrowings up to $2.8 million at variable interest rate, currently at 3.00% due on demand. Collateralized by investments, cash and CD's. |  |  | 0 |  |  |  | 1,384,468 |  |  |  | 0 |
Notes payable to Ford Credit Corp. payable in monthly installments of $1,778.23 at 5.99%, due July 2015, secured by transportation equipment. |  |  | 55,382 |  |  |  | 72,753 |  |  |  | 68,509 |
Note payable to Fletcher Jones of Chicago, Ltd LLC in monthly installments of $1,768.57 at 6.653%, due May 24, 2017, secured by transportation equipment. |  |  | 87,629 |  |  |  | 100,017 |  |  |  | 97,598 |
Total notes payable |  |  | 5,677,456 |  |  |  | 7,806,127 |  |  |  | 7,080,552 |
Less current maturities |  |  | 580,781 |  |  |  | 1,923,436 |  |  |  | 1,540,716 |
Total long-term portion |  | $ | 5,096,675 |  |  | $ | 5,882,691 |  |  | $ | 5,539,836 |
In accordance with the Private Bank agreements referenced above, the Company is subject to minimum fixed charged ratio and tangible net worth thresholds. At September 30, 2012, the Company was in compliance with these covenants. Maturities of notes payables are as follows:
For the Period Ended September 30, |  |
2013 |  | $ | 583,154 |
2014 |  |  | 5,022,083 |
2015 |  |  | 35,368 |
2016 |  |  | 19,324 |
2017 |  |  | 17,527 |
Total |  | $ | 5,677,456 |

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_NotesPayableAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration