Quarterly report pursuant to Section 13 or 15(d)

LONG-TERM DEBT AND NOTES PAYABLE (Tables)

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LONG-TERM DEBT AND NOTES PAYABLE (Tables)
 9 Months Ended
Sep. 30, 2012
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments [Table Text Block]

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

 

    June 30,     December 31,  
    2012     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 (the line of credit was paid off in cash with the closing of the raise in June 2012 and collateral was returned in August 2012)   $ -     $ 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     238,026       242,964  
                 
18% convertible notes payable; interest payable quarterly; due on the six-month anniversary of the date issued which range from January 22-June 26, 2012; convertible under the same terms as the subsequent capital raised in connection with a public offering of the Company's securities (all notes and accrued interest were paid off with closing of raise in June 2012, either in cash or common stock)     -       1,625,000  
      238,026       3,032,964  
Notes payable and current portion of long-term debt     238,026       2,796,855  
                 
Long-term debt, less current portion   $ -     $ 236,109