7. Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2013 |
Debt Disclosure [Abstract] | ' |
Long - Term Debt | ' |
Long-Term debt at September 30, 2013, and December 31, 2012 , is as follows: | | September 30, | | | December 31, | |
| | 2013 | | | 2012 | |
Note payable to Betsy Detwiler, bearing interest at 10%; | | | | | | |
payable in monthly installments of $1,000; maturing January 2, 2015 | | $ | 120,000 | | | | |
Note payable to Robert Detwiler, bearing interest at 10%; | | | | | | | |
principal and accrued interest payable on January 2, 2015 | | | 80,000 | | | | |
Note payable to Thermo Fisher Financial Co., bearing interest | | | | | | | |
at 5.67%; payable in monthly installments of $3,522; maturing | | | | | | | |
September 2013; collateralized by equipment. | | | 3,361 | | | $ | 34,310 | |
Note payable to Thermo Fisher Financial Co., bearing interest | | | | | | | | |
at 8.54%; payable in monthly installments of $2,792; maturing | | | | | | | | |
December 2013; collateralized by equipment. | | | 13,958 | | | | 30,708 | |
Note payable to Stearns Bank, bearing interest | | | | | | | | |
at 6.9%; payable in monthly installments of $3,555; maturing | | | | | | | | |
December 2014; collateralized by equipment. | | | 50,733 | | | | 79,500 | |
Note payable to Western States Equipment Co., bearing interest | | | | | | | | |
at 6.15%; payable in monthly installments of $2,032; maturing | | | | | | | | |
June 2015; collateralized by equipment. | | | 38,542 | | | | 56,390 | |
Note payable to CNH Capital America, LLC, bearing interest | | | | | | | | |
at 4.5%; payable in monthly installments of $505; maturing | | | | | | | | |
June 2013; collateralized by equipment. | | | | | | | 3,478 | |
Note payable to Catepillar Financial, bearing interest at 5.95%; | | | | | | | | |
payable in monthly installments of $827; maturing September 2015; | | | | | | | | |
collateralized by equipment. | | | 18,658 | | | | 25,823 | |
Note payable to GE Capital, bearing interest at 2.25%; payable in | | | | | | | | |
monthly installments of $359; maturing July 2013; collateralized by | | | | | | | | |
equipment. | | | | | | | 2,847 | |
Note payable toDe Lage Landen Financial Services | | | | | | | | |
bearing interest at 5.30%; payable in monthly installments of $549; | | | | | | | | |
maturing March 2016; collateralized by equipment. | | | 15,394 | | | | 19,629 | |
Note payable to Phyllis Rice, bearing interest | | | | | | | | |
at 1%; payable in monthly installments of $2,000; maturing | | | | | | | | |
March 2015; collateralized by equipment. | | | 39,364 | | | | 55,365 | |
Note payable to De Lage Landen Financial Services, | | | | | | | | |
bearing interest at 5.12%; payable in monthly installments of $697; | | | | | | | | |
maturing December 2014; collateralized by equipment. | | | 10,759 | | | | 16,496 | |
Note payable to Catepillar Financial, bearing interest | | | | | | | | |
at 6.15%; payable in monthly installments of $766; maturing | | | | | | | | |
August 2014; collateralized by equipment. | | | 8,125 | | | | 14,535 | |
Note payable to De Lage Landen Financial Services, | | | | | | | | |
bearing interest at 5.28%; payable in monthly installments of $709; | | | | | | | | |
maturing June 2014; collateralized by equipment. | | | 6,239 | | | | 12,235 | |
Note payable for Corral Blanco Land, bearing interest at 6.0%, | | | | | | | | |
due May 1, 2013; collateralized by land | | | | | | | 86,747 | |
| | | 405,133 | | | | 438,063 | |
Less Current portion | | | (141,611 | ) | | | (280,597 | ) |
Non-Current portion | | $ | 263,522 | | | $ | 157,466 | |
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Debt outstanding will mature as follows: | | | | | | |
Twelve months ending | | September 30, | | | | |
2015 | | | 260,277 | | | | | |
2016 | | | 3,245 | | | | | |
| | $ | 263,522 | | | | | |
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