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FINANCING ARRANGEMENTS (Tables)
 3 Months Ended
Mar. 31, 2016
FINANCING ARRANGEMENTS  
Summary of long-term debt balances

 

 

 

 

 

March 31

 

December 31

 

 

 

2016

 

2015

 

Term notes payable - Wells Fargo Bank, N.A.

 

 

 

 

 

 

 

 

 

 

 

Real estate term notes bearing interest at three month LIBOR + 2.75% maturing March 31, 2027, and December 31, 2027 with combined monthly payments of approximately $19,000 plus interest, secured by substantially all assets.

 

$
2,587,978

 

$
2,645,495

 

 

 

 

 

 

 

Equipment notes bearing interest at three month LIBOR + 2.75% maturing May 2018 with a combined monthly payments of approximately $46,000 plus interest, secured by substantially all assets

 
2,489,733

 
2,633,740

 

 

 

 

 

 

 

Industrial revenue bond payable to the City of Blue Earth, Minnesota which bears a variable interest rate (approx. 0.25% at March 31, 2016), and has a maturity date of June 1, 2021, with principal of $80,000 payable annually on June 1

 
280,000

 
280,000

 

 

 

 

 

 

 

Devicix Acquistion Note 1 payable to DeLange Holdings bears interest rate of 4.0% per annum, maturing July 1, 2019

 
844,226

 
903,128

 

 

 

 

 

 

 

Devicix Acquistion Note 2 payable to DeLange Holdings bears interest rate of 4.0% per annum, maturing July 1, 2019

 
1,097,494

 
1,174,066

 

 

 

 

 

 

 

 

 
7,299,431

 
7,636,429

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount on Devicix Notes Payable

 
(132,160

)
(142,072

)

Debt issuance Costs

 
(39,605

)
(44,175

)

 

 

 

 

 

 

 

 

 

 

 

 

Total long-term debt

 
7,127,666

 
7,450,182

 

Current maturities of long-term debt

 
(1,454,407

)
(1,495,513

)

 

 

 

 

 

 

Long-term debt - net of current maturities

 

$
5,673,259

 

$
5,954,669