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DEBT (Tables)
 12 Months Ended
Dec. 31, 2012
DEBT  
Schedule of components of notes payable

 

 

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

 
Schedule of annual maturities of notes payable

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