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8. NOTES PAYABLE AND CAPITAL LEASE OBLIGATIONS (Tables)

6 Months Ended

Jun. 30, 2012

Notes Payable And Capital Lease Obligations Tables

Notes payable and capital lease obligations

Notes payable and capital lease obligations at consist of the following:

		June 30,				December 31,
		2012				2011
		(Unaudited)
Revolving credit notes payable to PNC Bank N.A. ("PNC") and
secured by substantially all assets		$	14,278,000			$	10,880,000
Term loan, PNC			5,400,000				2,000,000
Capital lease obligations			1,589,000				1,871,000
Notes payable to sellers of acquired business			1,681,000				1,976,000
Junior subordinated notes			1,115,000				6,320,000
Subtotal			24,063,000				23,047,000
Less:  Current portion of notes and capital obligations			(17,297,000	)			(14,055,000	)
Notes payable and capital lease obligations, net of current portion		$	6,766,000			$	8,992,000

Future minimum principal payments for the term loan

As of June 30, 2012 the future minimum principal payments for the term loan are as follows

For the twelve months ending		Amount
June 30, 2013		$	1,800,000
June 30, 2014			1,800,000
June 30, 2015			1,800,000
PNC Term Loan Payable			5,400,000
Less: Current portion			(1,800,000	)
Long-term portion		$	3,600,000

Future minimum lease payments, including imputed interest

     As of June 30, 2012, the aggregate future minimum lease payments, including imputed interest, with remaining terms of greater than one year are as follows:

For the twelve months ending		Amount
June 30, 2013		$	711,000
June 30, 2014			671,000
June 30, 2015			212,000
June 30, 2016			207,000
Total future minimum lease payments			1,801,000
Less: imputed interest			(212,000	)
Less: current portion			(598,000	)
Total Long Term Portion		$	991,000

Notes Payable - Sellers

As of June 30, 2012 and December 31, 2011, the balance owed to the sellers of Welding is:

		June 30,				Decemeber 31,
		2012				2011
		(Unaudited)
Former Welding Stockholders		$	1,681,000			$	1,976,000
Less:  Current Portion			(622,000	)			(601,000	)
Total long-term portion		$	1,059,000			$	1,375,000

     As of June 30, 2012, the future minimum payments for the note payable to the former stockholders of Welding are as follows:

For the twelve months ending		Amount
June 30, 2013		$	622,000
June 30, 2014			667,000
June 30, 2015			392,000
Former WMI Stockholders  Notes Payable			1,681,000
Less: Current portion			(622,000	)
Long-term portion		$	1,059,000

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