2014

2013

HSBC

$2,100,000 5 year term loan payable in monthly installments of $35,000 plus interest on the unpaid principal balance which accrues at a fixed rate of 3.045%. This term loan was secured by $1 million, provided that, so long as no event of default occurred and is then continuing, HSBC would release $200,000 of the collateral on each anniversary of the closing date. As of December 31, 2014, HSBC had released $600,000, to reduce the collateral to $400,000.

$

700,000

$

1,120,000

HSBC

$6,000,000 Mortgage payable secured by real property Buildings and improvements at 355 South Technology Drive, Central Islip, NY payable in monthly principle installments of $25,000 plus interest. Interest presently accrues at our option, at the variable rate of LIBOR plus 1.75% or HSBC’s prime rate minus 0.50% The loan matures on March 1, 2022.

3,865,508

4,165,508

Totals

4,565,508

5,285,508

Less: Current maturities

720,000

Long-term debt

$

3,845,508

$

4,565,508