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6. LONG TERM DEBT | 12 Months Ended
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Dec. 31, 2014
Debt Disclosure [Abstract] |
NOTE 6. LONG TERM DEBT | Long-term debt consists of:
|  | December 31, |
|  | 2014 |  |  | 2013 |
Northwest Farm Credit Services Loan #1 |  | $ | 1,238,256 |  |  | $ | 1,310,084 |
Northwest Farm Credit Services Loan #2 |  |  | 1,154,945 |  |  |  | 1,233,472 |
Northwest Farm Credit Services Loan #3 |  |  | 1,202,799 |  |  |  | 1,269,402 |
Northwest Farm Credit Services Loan #4 |  |  | 1,906,294 |  |  |  | 2,000,000 |
Other long term debt |  |  | - |  |  |  | 3,787 |
|  |  | 5,502,294 |  |  |  | 5,816,745 |
Current portion |  |  | (329,255 | ) |  |  | (306,353 | )
|  | $ | 5,173,039 |  |  | $ | 5,510,392 |
The Company has four agreements with Northwest Farm Credit Services (“FCS”). Loan #1 requires monthly payments of $12,266, bears interest at a rate of 5.90%, is collateralized by real estate and equipment, and matures in 2026. Loan #2 requires monthly payments of $13,232, bears interest at a rate of 6.70%, is collateralized by real estate and equipment, and matures in 2024. Loan #3 requires monthly payments of $12,004, bears interest at a rate of 6.25%, is collateralized by real estate and equipment, and matures in 2026. Loan #4 requires monthly payments of $15,556, bears interest at a rate of 4.75%, is collateralized by real estate and equipment, and matures in 2028. The loan agreements contain covenants, which require the Company to maintain certain financial ratios and balances. At December 31, 2014, the Company was in compliance with these covenants. In the event of future noncompliance with the Company’s debt covenants, FCS would have the right to declare the Company in default, and at FCS’ option without notice or demand, the unpaid principal balance of the loan, plus all accrued unpaid interest thereon and all other amounts due shall immediately become due and payable. Future minimum principal payments of long-term debt mature as follows for the years ending December 31:
2015 |  | $ | 329,255 |
2016 |  |  | 349,002 |
2017 |  |  | 369,955 |
2018 |  |  | 392,189 |
2019 |  |  | 415,781 |
Thereafter |  |  | 3,646,112 |
|  | $ | 5,502,294 |
The weighted-average interest rates on the aforementioned borrowings for the fiscal years ended December 31, 2014 and 2013 was 5.75% and 5.75% respectively.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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