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