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LONG-TERM DEBT

12 Months Ended

Dec. 31, 2011

LONG-TERM DEBT

7. LONG-TERM DEBT

		December 31,
		2011			2010
Long-term debt consists of the following:

Loan from Lewisville State Bank, a division of 1st International Bank. It has a 20 year amortization and 10 year maturity from December 10, 2009. The loan provided funding for the expansion of the warehouse, additional office space, and a new Controlled Environment. The loan is secured by the Company’s land and buildings. The interest rate is 5.968%.		$	3,979,122		$	4,098,578

Note payable to Katie Petroleum. Interest accrues at prime plus 1%, which was 4.25% at December 31, 2011 and 2010. Interest only was payable monthly through February 1, 2004. The original amount of the note of $3,000,000 was discounted for presentation purposes by $299,346 for stock options issued in conjunction with the debt and $412,500 for the intrinsic value of a beneficial conversion feature of the debt. Beginning March 1, 2004, the loan has been payable in equal installments of principal and interest (except for changes in the interest rate) of approximately $37,000 and matures on September 30, 2012. Guaranteed by an officer. Approximately $163,736 of the principal payment was converted into 40,934 shares of Common Stock as of March 1, 2006. Not otherwise collateralized. Convertible into Common Stock at $4.00 per share at the option of the holder.		323,118			725,493

Note payable to Deutsche Leasing USA, Inc. The interest rate is 5.57%. The original amount of the note was $327,726 with a 36 month maturity ending in April 2014. Beginning May 2011, the loan is payable in equal installments of principal and interest of approximately $9,900. Collateralized by three molding machines. It has a purchase option of $1.00 at the end of the term.		259,543			—

Note payable to Deutsche Leasing USA, Inc. The interest rate is 5.57%. The original amount of the note was $207,260 with a 36 month maturity ending in November 2014. Beginning December 2011, the loan is payable in equal installments of principal and interest of approximately $6,300. Collateralized by a molding machine. It has a purchase option of $1.00 at the end of the term.		201,956			—
		4,763,739			4,824,071

Less: current portion		(620,472		)	(519,611		)
		$	4,143,267		$	4,304,460

The aggregate maturities of long-term debt as of December 31, 2011, are as follows:


2012		$	620,472
2013			315,086
2014			247,064
2015			149,744
2016			159,182
Thereafter			3,272,191
		$	4,763,739