XML 57 R15.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Notes Payable | 9 Months Ended
--- | ---
Sep. 30, 2014
Notes to Financial Statements |
Note 8 - Notes Payable | Notes payable consist of the following:
|  | September 30, |  |  | December 31, |
|  | 2014 |  |  | 2013 |  |  | 2013 |
Note payable to Private Bank in monthly installments of $42,222, plus variable interest rate, currently at 2.6677%, 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. |  | $ | 4,478,889 |  |  | $ | 4,985,556 |  |  | $ | 4,858,889 |
Note payable to Private Bank in monthly installments of $27,778, plus variable interest rate, currently at 2.6677% with a balloon payment for the remaining balance, maturing on May 31, 2019, collateralized by substantially all assets of the Company. |  |  | 4,666,667 |  |  |  | 5,000,000 |  |  |  | 4,916,667 |
Notes payable to Ford Credit Corp. payable in monthly installments of $1,778 at 5.99%, due July 2015, secured by transportation equipment. |  |  | 17,294 |  |  |  | 36,919 |  |  |  | 32,124 |
Note payable to Fletcher Jones of Chicago, Ltd LLC in monthly installments of $1,769 at 6.653%, due May 24, 2017, secured by transportation equipment. |  |  | 53,470 |  |  |  | 70,466 |  |  |  | 66,334 |
Total notes payable |  |  | 9,216,320 |  |  |  | 10,092,941 |  |  |  | 9,874,014 |
Less current maturities |  |  | 877,038 |  |  |  | 878,088 |  |  |  | 875,002 |
Total long-term portion |  | $ | 8,339,282 |  |  | $ | 9,214,853 |  |  | $ | 8,999,012 |
In accordance with the Private Bank agreements referenced above, the Company is subject to minimum fixed charged ratio and tangible net worth thresholds. The Company was in compliance with the debt covenants at September 30, 2014. Maturities of notes payables are as follows:
For the 12 months ending September 30, |  |
2015 |  | $ | 877,038 |
2016 |  |  | 859,546 |
2017 |  |  | 854,180 |
2018 |  |  | 3,292,233 |
2019 |  |  | 3,333,323 |
Total |  | $ | 9,216,320 |

X
- Details
Name: | lway_NotesToFinancialStatementsAbstract
Namespace Prefix: | lway_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

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 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 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
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration