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9. NOTES PAYABLE AND CAPITAL LEASE OBLIGATIONS (Tables) | 12 Months Ended
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Dec. 31, 2012
Notes Payable And Capital Lease Obligations Tables |
Notes payable and capital lease obligations | Notes payable and capital lease obligations consist of the following:
|  | December 31, |  |  | December 31, |
|  | 2012 |  |  | 2011 |
Revolving credit notes payable to PNC Bank N.A. ("PNC") and |  |  |  |
secured by substantially all assets |  | $ | 15,667,000 |  |  | $ | 10,880,000 |
Term loan, PNC |  |  | 3,748,000 |  |  |  | 2,000,000 |
Capital lease obligations |  |  | 2,060,000 |  |  |  | 1,871,000 |
Notes payable to sellers of acquired business |  |  | 1,376,000 |  |  |  | 1,976,000 |
Junior subordinated notes |  |  | 1,000,000 |  |  |  | 6,320,000 |
Subtotal |  |  | 23,851,000 |  |  |  | 23,047,000 |
Less: Current portion of notes and capital obligations |  |  | (19,211,000 | ) |  |  | (14,055,000 | )
Notes payable and capital lease obligations, net of current portion |  | $ | 4,640,000 |  |  | $ | 8,992,000 |
Future minimum principal payments for term loan | As of December 31, 2012 the future minimum principal payments for the term loan are as follows
For the year ending |  | Amount |
December 31, 2013 |  | $ | 2,143,000 |
December 31, 2014 |  |  | 1,605,000 |
PNC Term Loan Payable |  |  | 3,748,000 |
Less: Current portion |  |  | (2,143,000 | )
Long-term portion |  | $ | 1,605,000 |
Future minimum lease payments, including imputed interest | As of December 31, 2012, the aggregate future minimum lease payments, including imputed interest, with remaining terms of greater than one year are as follows:
For the year ending |  | Amount |
December 31, 2013 |  | $ | 900,000 |
December 31, 2014 |  |  | 613,000 |
December 31, 2015 |  |  | 397,000 |
December 30, 2016 |  |  | 293,000 |
December 31, 2017 |  |  | 142,000 |
Total future minimum lease payments |  |  | 2,345,000 |
Less: imputed interest |  |  | (285,000 | )
Less: current portion |  |  | (757,000 | )
Total Long Term Portion |  | $ | 1,303,000 |
Notes Payable - Sellers | As of December 31, 2012 and 2011, the balance owed to the sellers of Welding is:
|  | December 31, |  |  | December 31, |
|  | 2012 |  |  | 2011 |
Former Welding Stockholders |  | $ | 1,376,000 |  |  | $ | 1,976,000 |
Less: Current Portion |  |  | (644,000 | ) |  |  | (601,000 | )
Total long-term portion |  | $ | 732,000 |  |  | $ | 1,375,000 |
Future minimum payments for the note payable to the former stockholders of Welding | As of December 31, 2012, the future minimum payments for the note payable to the former stockholders of Welding are as follows:
For the year ending |  | Amount |
December 31, 2013 |  | $ | 644,000 |
December 31, 2014 |  |  | 691,000 |
December 31, 2015 |  |  | 41,000 |
Former WMI Stockholders Notes Payable |  |  | 1,376,000 |
Less: Current portion |  |  | (644,000 | )
Long-term portion |  | $ | 732,000 |

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