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NOTES PAYABLE AND CAPITAL LEASE OBLIGATIONS (Tables)

9 Months Ended

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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Series B Convertible Preferred Stock par Value

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Tabular disclosure of the (a) carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business (accounts payable); (b) other payables; and (c) accrued liabilities. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). An alternative caption includes accrued expenses.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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