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Notes Payable | 6 Months Ended
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Jun. 30, 2013
Notes Payable [Abstract] |
Notes Payable | Note 8 – NOTES PAYABLE Notes payable consist of the following:
|  | June 30, |  |  | December 31 |
|  | 2013 |  |  | 2012 |  |  | 2012 |
Note payable to Private Bank in monthly installments of $42,222, plus variable interest rate, currently at 2.709%, with a balloon payment for the remaining balance. Collateralized by substantially all assets of the Company. In May 2013, the Company refinanced this note under similar terms which extended the maturity date to May 31, 2018. |  | $ | 5,154,445 |  |  | $ | 5,618,889 |  |  | $ | 5,365,556 |
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. Collateralized by substantially all assets of the Company. In May 2013, the Company refinanced this Line of Credit. The agreement has been extended with terms allowing borrowings up to $5.0 million and matures on May 31, 2014. |  |  | 0 |  |  |  | 0 |  |  |  | 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. |  |  | 41,641 |  |  |  | 59,825 |  |  |  | 50,871 |
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. |  |  | 75,880 |  |  |  | 90,159 |  |  |  | 82,499 |
Total notes payable |  |  | 5,271,966 |  |  |  | 5,768,873 |  |  |  | 5,498,926 |
Less current maturities |  |  | 545,494 |  |  |  | 540,478 |  |  |  | 542,981 |
Total long-term portion |  | $ | 4,726,472 |  |  | $ | 5,228,395 |  |  | $ | 4,955,945 |
In accordance with the Private Bank agreements referenced above, the Company is subject to minimum fixed charged ratio and tangible net worth thresholds. Maturities of notes payables are as follows:
For the Period Ended June 30, |  |
2014 |  | $ | 545,494 |
2015 |  |  | 545,185 |
2016 |  |  | 527,653 |
2017 |  |  | 525,856 |
2018 |  |  | 3,127,778 |
Total |  | $ | 5,271,966 |

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- 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 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: 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 3: 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. Reference 4: 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 + Details
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