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LONG-TERM DEBT (Tables)
 12 Months Ended
Dec. 31, 2015
LONG-TERM DEBT  
Schedule of long-term debt

 

 

 

December 31,

 

 

 

2015

 

2014

 

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%.

 

$
3,426,926

 

$
3,574,772

 

 

 

 

 

 

 

Note payable to Deutsche Leasing USA, Inc. The interest rate is 3.69%. The original amount of the note was $276,495 with a 36 month maturity ending in July 2018. Beginning August 2015, the loan became payable in equal installments of principal and interest of approximately $8,100. Collateralized by molding machines and ancillary equipment.

 
239,894

 

—

 

 

 

 

 

 

 

 

 
3,666,820

 
3,574,772

 

 

 

 

 

 

 

Less: current portion

 
(249,349

)
(149,744

)

 

 

 

 

 

 

 

 

$
3,417,471

 

$
3,425,028

 

 

 

 

 

 

 

 

 

 

Schedule of aggregate maturities of long-term debt

 

The aggregate maturities of long-term debt as of December 31, 2015, are as follows:

 

2016

 

$
249,349 

 

2017

 
262,758 

 

2018

 
236,048 

 

2019

 
2,918,665 

 

Thereafter

 

—

 

 

 

 

 

 

 

$
3,666,820