Quarterly report pursuant to Section 13 or 15(d)

LONG-TERM DEBT AND NOTES PAYABLE (Tables)

v2.4.0.8
LONG-TERM DEBT AND NOTES PAYABLE (Tables)
 6 Months Ended
Jun. 30, 2013
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,
 
 
 
2013
 
2012
 
 
 
 
 
 
 
 
 
Line of credit to a bank, expires April 10, 2014, interest rate of Wall St. Journal Prime (currently 3.25%) plus 1%, floor rate of 5%.
 
$
342,000
 
$
-
 
 
 
 
 
 
 
 
 
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
 
 
232,141
 
 
236,110
 
 
 
 
 
 
 
 
 
Notes payable and current portion of long-term debt
 
$
574,141
 
$
236,110