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LONG-TERM DEBT (Tables)
 12 Months Ended
Dec. 31, 2012
LONG-TERM DEBT  
Schedule of long-term debt

 

 

 

 

December 31,

 

 

 

2012

 

2011

 

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%.

 

$

3,852,512

 

$

3,979,122

 

 

 

 

2012

 

2011

 

 

 

 

 

 

 

Note payable to Katie Petroleum. Interest accrued 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 was payable in equal installments of principal and interest (except for changes in the interest rate) of approximately $37,000 and matured 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. This Note was paid in full in September 2012.

 

—

 

323,118

 

 

 

 

 

 

 

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. In May 2011, the loan became 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.

 

152,415

 

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 became 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.

 

136,369

 

201,956

 

 

 

4,141,296

 

4,763,739

 

 

 

 

 

 

 

Less: current portion

 

(315,086

)

(620,472

)

 

 

$

3,826,210

 

$

4,143,267

 

 
Schedule of aggregate maturities of long-term debt

 

2013

 

$

315,086

 

2014

 

247,064

 

2015

 

149,744

 

2016

 

159,182

 

2017

 

169,211

 

Thereafter

 

3,101,009

 

 

 

$

4,141,296