| Schedule of Long-term Debt Instruments [Table Text Block] |
Long-term debt and notes payable are summarized as follows.
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|
March 31, |
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|
December 31, |
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|
2013 |
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|
2012 |
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| |
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|
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| 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 |
|
|
234,121 |
|
|
|
236,110 |
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| |
|
|
|
|
|
|
|
|
| Notes payable and current portion of long-term debt |
|
$ |
234,121 |
|
|
$ |
236,110 |
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|
Long-term debt and notes payable are summarized as follows.
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|
December 31,
2012 |
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|
December 31,
2011 |
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| |
|
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|
|
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| $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 |
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|
- |
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|
1,625,000 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
236,110 |
|
|
|
3,032,964 |
|
| Notes payable and current portion of long-term debt |
|
|
236,110 |
|
|
|
2,796,855 |
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| Long-term debt, less current portion |
|
$ |
- |
|
|
$ |
236,109 |
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|