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DEBT | 12 Months Ended
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Dec. 31, 2012
DEBT |
DEBT | NOTE E - DEBT Line of Credit In September of 2011, and again in September of 2012, 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. As of December 31, 2012, and since its inception, we have had no borrowings outstanding under the line of credit loan agreement. Notes Payable Notes payable consists of the following at December 31:
|  | 2012 |  | 2011 |
Notes Payable to commercial banks, |  |  |  |  |
Seven outstanding notes payable as of 12/31/2012 with Interest between 3.50% and 6.35%, due in monthly installments between $50,170 and $223,437 plus interest; collateralized by equipment |  | $ | 24,553,291 |  | $ | 9,827,949 |
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. The notes were paid off during 2012. |  | $ | — |  | $ | 904,103 |
Notes Payable to finance companies for insurance |  |  |  |  |
Two outstanding notes payable as of 12/31/2012 with interest between 4.16% and 4.95%, due in monthly installments between $16,861 and $302,892 plus interest |  | $ | 474,586 |  | $ | 399,353 |
|  | $ | 25,027,877 |  | $ | 11,131,405 |
Less Current Maturities |  | $ | (10,615,279 | ) | $ | (5,802,513 | )
|  | $ | 14,412,598 |  | $ | 5,328,892 |
Aggregate annual maturities of notes payable at December 31, 2012 are as follows:
Year Ending |  |  |
December 31, |  |  |
2013 |  | $ | 10,615,279 |
2014 |  | $ | 7,933,416 |
2015 |  | $ | 4,810,458 |
2016 |  | $ | 1,540,360 |
2017 |  | $ | 128,364 |
|  | $ | 25,027,877 |

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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 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
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