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LONG-TERM DEBT (Tables)
 12 Months Ended
Dec. 31, 2014
LONG-TERM DEBT  
Schedule of long-term debt

 

 

 

December 31,

 

 

 

2014

 

2013

 

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%.

 

$
3,574,772

 

$
3,717,795

 

 

 

 

 

 

 

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.

 

—

 
39,169

 

 

 

 

 

 

 

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.

 

—

 
67,032

 

 

 
3,574,772

 
3,823,996

 

 

 

 

 

 

 

Less: current portion

 
(149,744

)
(247,064

)

 

 

$
3,425,028

 

$
3,576,932

 

 

Schedule of aggregate maturities of long-term debt

The aggregate maturities of long-term debt as of December 31, 2014, are as follows:

 

2015

 

$
149,744 

 

2016

 
159,182 

 

2017

 
169,211 

 

2018

 
179,868 

 

2019

 
2,916,767 

 

Thereafter

 

—

 

 

 

$
3,574,772