Post-effective amendment to a registration statement that is not immediately effective upon filing

LONG-TERM DEBT AND NOTES PAYABLE (Tables)

v2.4.0.6
LONG-TERM DEBT AND NOTES PAYABLE (Tables)
 12 Months Ended
Dec. 31, 2012
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments [Table Text Block]

Long-term debt and notes payable are summarized as follows.

 

    December 31,
2012		     December 31,
2011		  
             
$2,000,000 line of credit with a bank, interest at Wall Street Journal Prime +0.5% (minimum of 4.5%) payable monthly; due August 20, 2012; collateralized by a certificate of deposit owned by a shareholder; collateralized by substantially all of the Company's assets and guaranteed by Mr. Pruitt. Line was paid off after the June 2012 offering.   $ -     $ 1,165,000  
                 
Note payable to a bank due in monthly installments of $1,739 including interest at Wall Street Journal Prime + 1% (minimum of 5.5%); remaining balance due August 10, 2013; collateralized by substantially all of the Company's assets and guaranteed by Mr. Pruitt     236,110       242,964  
                 
18% convertible notes payable; interest payable quarterly; due on the six-month anniversary of the date issued; convertible under the same terms as the subsequent capital raised in connection with a public offering of the Company's securities     -       1,625,000  
                 
      236,110       3,032,964  
Notes payable and current portion of long-term debt     236,110       2,796,855  
Long-term debt, less current portion   $ -     $ 236,109