NOTE E - DEBT

Line of Credit

In September 2013 and again in September 2014, 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 the Company’s accounts receivable. As of December 31, 2014, and since its inception, the Company has not had any borrowings outstanding under the line of credit loan agreement. The line of credit expires September 16, 2015.

Notes Payable

Notes payable consists of the following at December 31:

	2014			2013
Notes payable to commercial banks
Four outstanding notes payable as of 12/31/2014 with interest between 3.5% and 4.6%, due in monthly installments between $128,363 and $215,863 plus interest; collateralized by equipment	$	12,072,454		$	14,416,225

Notes payable to finance companies for insurance
Two outstanding notes payable as of 12/31/2014 with interest between 4.09% and 4.95%, due in monthly installments between $14,674 and $326,366 including interest	449,308			501,766
	$	12,521,762		$	14,917,991
Less current maturities	(7,296,950		)	(8,434,879		)
	$	5,224,812		$	6,483,112

Aggregate annual maturities of notes payable at December 31, 2014 are as follows:

Year Ending December 31,
2015	$	7,296,950
2016	3,572,428
2017	1,652,384
2018	—
	$	12,521,762