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6. Term and Credit Note Payable (Tables)
 9 Months Ended
Sep. 30, 2012
Notes to Financial Statements  
Schedule of Notes Payable

The following table summarizes our notes payable balance as of:

 

Lender   Due Date   Interest Rate  

September 30,

 2012

  

December 31,

2011

            (Unaudited)    
Bridge Bank - term note; paid in full on March 1, 2012   February 2013(paid in full)   Prime + 2 percentage points   $ —     $ 475,000  
Bridge Bank - term note   February 2016   Prime + 1 percentage points   4,555,555      
Bridge Bank - credit facility; paid in full on March 1, 2012   February 2013(paid in full)   Prime + 2 percentage points   —     2,431,303  
Bridge Bank - credit facility   February 2014   Prime + 0.5 percentage points   3,300,000          
Totals           7,855,555     2,906,303  
Less: term and credit notes payable - current portion           (1,333,333 )   (452,000 )
Term and credit notes payable - long-term           $ 6,522,222     $ 2,454,303  

 
Schedule of Principal Payment Due

 

Principal payments due are as follows as of September 30, 2012:

 

2012   $ 333,333  
2013     1,333,333  
2014     1,333,333  
2015     1,333,333  
2016     222,223  
Total   $ 4,555,555