NOTE E - DEBT

Line of Credit

In September of 2010, and again in September of 2011, the Company renewed its revolving line of credit allowing the Company to borrow, repay, and re-borrow, from time to time, up to $5,000,000. Interest on the outstanding amount under the line of credit loan agreement is payable monthly at the greater of the prime rate of interest or five percent. The credit loan agreement is secured by a security interest in our accounts receivable. At December 31, 2011 and 2010, the Company had no borrowings outstanding under the line of credit loan agreement.

Notes Payable

Notes payable consists of the following at December 31:

	2011			2010

Notes Payable to commercial banks,

Four outstanding notes payable as of 12/31/2011 with Interest between 4.50% and 6.35%, due in monthly installments between $46,781 and $187,934 plus interest; collateralized by equipment	$	9,827,949		$	7,057,406

Two notes with interest at 6.00% and payments between $55,658 and $88,889 plus interest, were paid off in 2011; they were collateralized by equipment

Notes Payable to finance companies,

Three outstanding notes payable as of 12/31/2011 with Interest between 5.33% and 6.00%, due in monthly installments between $23,740 and $61,997 plus interest; collateralized by equipment	$	904,103		$	3,635,612

One note with interest at 6.38% with a payment of $85,839 plus interest, was paid of in 2011; this note was collateralized by equipment

Notes Payable to finance companies for insurance notes

Two outstanding notes payable as of 12/31/2011 with interest between 4.95% and 5.56%, due in monthly installments between $17,957 and $227,844 including interest	$	399,353		$	342,326

	$	11,131,405		$	11,035,344
Less Current Maturities	$	(5,802,513	)	$	(6,316,852	)
	$	5,328,892		$	4,718,492

Aggregate annual maturities of notes payable at December 31, 2011 are as follows:

Year Ending
December 31,

2012	$	5,802,513
2013	$	3,825,421
2014	$	1,503,471
	$	11,131,405