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DERIVATIVE INSTRUMENTS AND FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 2012

DERIVATIVE INSTRUMENTS AND FAIR VALUE [Abstract]

Fair values and carrying values of short-term instruments

At June 30, 2012 and December 31, 2011, the fair values of cash, accounts receivable, accounts payable and accrued expenses approximated their carrying values because of the short-term nature of these instruments.

		June 30, 2012
		Carrying Amount				Fair Value
Debt
Short-term borrowings and long-term debt		$	20,350,203			$	20,350,203

		December 31, 2011
		Carrying Amount				Fair Value
Debt
Short-term borrowings and long-term debt		$	17,876,619			$	17,876,619

Fair value of financial liabilities measured on a recurring basis

The following table presents the fair values of those financial liabilities measured on a recurring basis as of June 30, 2012 and December 31, 2011:

						Fair Value Measurements June 30, 2012
Description		Total					Quoted Prices in Active Markets for Identical assets (Level 1)			Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Interest Rate Swap, net		$	81,982				--			$	81,982				--
Total		$	81,982				--			$	81,982				--
						Fair Value Measurements December 31, 2011
Description			Total				Quoted Prices in Active Markets for Identical assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Interest Rate Swap, net		$	32,988				--			$	32,988				--
Total		$	32,988				--			$	32,988				--

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- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 6

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-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.



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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32

-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.



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