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NOTES PAYABLE AND CAPITAL LEASE OBLIGATIONS (Tables) | 9 Months Ended
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Sep. 30, 2014
Notes Payable And Capital Lease Obligations Tables |
Notes payable and capital lease obligations | Notes payable and capital lease obligations consisted of the following:
|  | September 30, |  |  | December 31, |
|  | 2014 |  |  | 2013 |
|  | (Unaudited) |  |  |  |
Revolving credit note payable to PNC Bank N.A. ("PNC") |  | $ | 15,232,000 |  |  | $ | 12,029,000 |
Term Loan A, PNC |  |  | 2,517,000 |  |  |  | 1,948,000 |
Capital lease obligations |  |  | 1,539,000 |  |  |  | 1,787,000 |
Notes payable to sellers of WMI |  |  | 218,000 |  |  |  | 732,000 |
Junior subordinated notes |  |  | - |  |  |  | 1,000,000 |
Subtotal |  |  | 19,506,000 |  |  |  | 17,496,000 |
Less: Current portion of notes and capital obligations |  |  | (16,315,000 | ) |  |  | (14,969,000 | )
Notes payable and capital lease obligations, net of current portion |  | $ | 3,191,000 |  |  | $ | 2,527,000 |
Future minimum principal payments for term loan | As of September 30, 2014 the future minimum principal payments for Term Loan A are as follows:
For the twelve months ending |  | Amount |
September 30, 2015 |  | $ | 382,000 |
September 30, 2016 |  |  | 382,000 |
September 30, 2017 |  |  | 1,753,000 |
PNC Term Loan Payable |  |  | 2,517,000 |
Less: Current portion |  |  | (382,000 | )
Long-term portion |  | $ | 2,135,000 |
Future minimum lease payments, including imputed interest | As of September 30, 2014, 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 |
September 30, 2015 |  | $ | 584,000 |
September 30, 2016 |  |  | 532,000 |
September 30, 2017 |  |  | 377,000 |
September 30, 2018 |  |  | 197,000 |
September 30, 2019 |  |  | 29,000 |
Thereafter |  |  | 11,000 |
Total future minimum lease payments |  |  | 1,730,000 |
Less: imputed interest |  |  | (191,000 | )
Less: current portion |  |  | (483,000 | )
Total Long Term Portion |  | $ | 1,056,000 |
Notes Payable - Sellers | As of September 30, 2014 and December 31, 2013, the balance owed to the sellers of WMI is $218,000 and $732,000, respectively.
|  | September 30, |  |  | December 31, |
|  | 2014 |  |  | 2013 |
|  | (Unaudited) |  |  |  |
Former Welding Stockholders |  | $ | 218,000 |  |  | $ | 732,000 |
Less: Current Portion |  |  | (218,000 | ) |  |  | (691,000 | )
Total long-term portion |  | $ | - |  |  | $ | 41,000 |

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