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LONG-TERM DEBT (Tables)
 12 Months Ended
Dec. 31, 2013
LONG-TERM DEBT  
Schedule of long-term debt

 

 

 

December 31,

 

 

 

2013

 

2012

 

Long-term debt consists of the following:

 

 

 

 

 

 

 

 

 

 

 

Loan from American First National 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%.

 

$

3,717,795

 

$

3,852,512

 

 

 

 

 

 

 

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.

 

39,169

 

152,415

 

 

 

 

 

 

 

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.

 

67,032

 

136,369

 

 

 

3,823,996

 

4,141,296

 

 

 

 

 

 

 

Less: current portion

 

(247,064

)

(315,086

)

 

 

$

3,576,932

 

$

3,826,210

 
Schedule of aggregate maturities of long-term debt

The aggregate maturities of long-term debt as of December 31, 2013, are as follows:

 

2014

 

 $

247,064

 

2015

 

149,742

 

2016

 

159,182

 

2017

 

169,211

 

2018

 

179,868

 

Thereafter

 

2,918,929

 

 

 

 $

3,823,996