Note 6 - Long Term Debt | 12 Months Ended |
Sep. 30, 2013 |
Disclosure Text Block [Abstract] | |
Long-term Debt [Text Block] | 6. Long Term Debt |
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Long term debt consisted of the following at: |
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| | September 30, | | | September 30, | |
2013 | 2012 |
Promissory note payable to Webster Business Capital Corporation, dated December 16, 2008, in the original amount of $825,000 payable in full on June 30, 2009, with interest at 4.5% annually. This note was not repaid and is still outstanding as of the issuance of these financial statements. This note is secured by a lien on real estate, timber rights and certain equipment with net carrying values of approximately $2,000,000 at September 30, 2012. | | $ | - | | | $ | 825,000 | |
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Mortgage payable to Bank of America, dated March 10, 2006, in the original amount of $840,000 payable in monthly fixed principal payments of $4,667 plus variable interest at 2.5% plus the banks index rate, secured by real estate with carrying values of approximately $1,500,000 at September 30, 2012. Final payment is due on March 10, 2021. | | | - | | | | 480,666 | |
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Note payable to Harold L. and Helene M. McCray, dated October 19, 2005, in the original amount of $1,070.000, bearing interest at 8% per annum, payable in monthly installments of $10,225.48 secured by land and buildings with carrying values of approximately $1,500,000 at September 30, 2012. Final payment is due on December 1, 2020. | | | - | | | | 776,116 | |
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Note payable to Edward Viola, dated October 19, 2005, in the original amount of $80,000, bearing interest at 8% per annum, payable in monthly installments of $764.52. Final payment is due on December 1, 2020. | | | - | | | | 54,880 | |
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Note payable to PNL Newco II, LLC, dated December 22, 2009, in the original amount of $2,000,000, payable in monthly fixed principal payments of $42,000 plus variable interest at LIBOR plus 5% with a minimum rate of 5.5%, secured by an earn out agreement with the party that acquired all of the personal property of the discontinued operations of BT Manufacturing Company, LLC. Final balloon payment is due December 22, 2011. | | | - | | | | 1,660,883 | |
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Convertible Note payable to GovFunding, LLC, dated February 4, 2011, in the amount of $3,158,000 bearing interest at 18%., secured by a lock box agreement tied to the proceeds of a single government contract with a carrying value of approximately $2,600,000 at September 30, 2012. Final payment is due January 31, 2012. | | | - | | | | 3,158,000 | |
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Convertible Note payable to GovFunding, LLC dated May 25, 2011 in the amount of $220,000, bearing interest at 18%. with a maturity date of April 30, 2012. | | | - | | | | 220,000 | |
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Convertible Note payable to GovFunding LLC dated June 23, 2011 in the amount of $133,000, bearing interest at 18%. with a maturity date of June 30, 2012. | | | - | | | | 133,000 | |
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Note payable to GovFunding LLC dated July 14, 2011 in the amount of $105,000, bearing interest at 18% with a maturity date of August 1, 2011. | | | - | | | | 105,000 | |
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Convertible Note payable to GovFunding LLC dated August 1, 2011 in the amount of $128,000, bearing interest at 18% with a maturity date of April 30, 2012. | | | - | | | | 128,000 | |
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Convertible Note payable to GovFunding LLC dated August 9, 2011 in the amount of $250,000, bearing interest at 18% with a maturity date of June 30, 2012. | | | - | | | | 250,000 | |
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Convertible Note payable to GovFunding LLC dated August 30, 2011 in the amount of $110,000, bearing interest at 18%. with a maturity date of June 30, 2012. | | | - | | | | 110,000 | |
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Convertible Note payable to Asher Enterprises, Inc. dated May 15, 2012 in the original amount of $22,500 net of discount of $0, bearing interest at 8% with a maturity date of February 21, 2013. | | | - | | | | 25,032 | |
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Convertible Note payable to Asher Enterprises, Inc. dated July 16, 2012 in the original amount of $14,500, bearing interest at 8% with a maturity date of April 19, 2013. | | | 14,500 | | | | 21,888 | |
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Note payable to Keehan Trust Funding, LLC dated January 19, 2012 in the amount of $1,550,000, bearing interest at the rate of 10%. This note is secured by the assignment of the proceeds of a government contract with a value in excess of $4,700,000 as of December 31, 2012. Final payment due upon delivery | | | 700,000 | | | | 1,550,000 | |
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Note payable to GovFunding LLC dated March 30, 2012 in the amount of $100,000, bearing interest at 18%. Final payment was due June 1, 2012 | | | - | | | | 100,000 | |
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Note payable to Keehan Trust Funding, LLC dated March 30, 2012 with a maximum amount of $653,731, bearing interest as the rate of 10%. This note is secured by the assignment of the proceeds of certain government contracts with a value in excess of $850,000 as of December 31, 2012 | | | - | | | | 285,000 | |
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Convertible Note payable to an individual dated May 4, 2012 in the amount of $25,000, bearing interest at 18% with a maturity date of July 31, 2012. | | | - | | | | 25,000 | |
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Convertible Note payable to an individual dated May 4, 2012 in the amount of $25,000, bearing interest at 18% with a maturity date of July 31, 2012. | | | - | | | | 25,000 | |
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Note payable to GovFunding LLC dated May 11, 2012 in the amount of $200,000, bearing interest at 12% with a maturity date of July 31, 2012 | | | - | | | | 200,000 | |
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Convertible Note payable to an individual dated May 25, 2012 in the amount of $100,000, bearing interest at 18% with a maturity date of August 25, 2012. | | | - | | | | 100,000 | |
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Note payable to Keehan Trust Funding, LLC, dated June 1, 2012 in the amount of $700,000, bearing interest at the rate of 10%. This note is secured by the assignment of the proceeds of certain government contracts with a value in excess of $2,400,000 as of December 31, 2012. Final payment due November 30, 2012. | | | - | | | | 700,000 | |
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Convertible Note payable to an individual dated August 15, 2012 in the amount of $5,000 net of discount of $568, bearing interest at 18% with a maturity date of October 31, 2012. | | | - | | | | 4,432 | |
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Convertible Note payable to an individual dated May 25, 2012 in the amount of $10,000 net of discount of $1,265, bearing interest at 18% with a maturity date of October 31, 2012. | | | - | | | | 8,735 | |
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Note payable to GovFunding LLC dated August 7, 2012 in the amount of $245,000, bearing interest at 18%. Final payment due October 15, 2012 | | | - | | | | 245,000 | |
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Convertible Note payable to Asher Enterprises, Inc. dated November 7, 2012 in the original amount of $37,500, bearing interest at 8% with a maturity date of August 9, 2013. | | | 37,500 | | | | - | |
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Note payable to GovFunding, LLC dated October 24, 2012 in the amount of $553,763, bearing interest at 8%, payable quarterly principal of $69,220.38 plus accrued interest, with a maturity of October 24, 2014. | | | 553,763 | | | | - | |
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Note payable to an individual dated December 21, 2012 in the amount of $60,000, bearing interest at 8%, with a maturity date of February 1, 2013 | | | 60,000 | | | | - | |
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Note payable to NFC III LLC dated February 25, 2013 in the amount of $400,000 bearing interest at 10%, with a maturity date of November 25, 2013 | | | 400,000 | | | | - | |
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Note payable to an individual dated January 25, 2013 in the amount of $50,000 bearing interest at 7%, with a maturity of June 30, 2013 | | | 50,000 | | | | - | |
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Note payable to GovFunding LLC dated January 1, 2013 in the amount of $30,000, bearing interest at 8%, with a maturity date of December 31, 2013. | | | 30,000 | | | | - | |
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Note payable to GovFunding LLC dated January 1, 2013 in the amount of $24,552 bearing interest at 8%, with a maturity of December 31, 2013 | | | 24,552 | | | | - | |
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Note payable to an individual dated April 30, 2013 in the amount of $60,000 non-interest bearing with a maturity of December 31, 2013 | | | 60,000 | | | | - | |
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Note payable to an individual dated April 30, 2013 in the amount of $26,269, non-interest bearing with a maturity of July 31, 2013 | | | 26,269 | | | | - | |
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Note payable to Yellowstone Capital dated June 19, 2013 in the amount of $30,000 with no stipulated interest rate, payable through 80 daily payments of $500. | | | 8,464 | | | | - | |
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Revolving credit line payable to NFC III LLC bearing interest at 10%, payable on demand | | | 560,819 | | | | - | |
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Note payable to Ford Credit non-interest bearing payable at $904.34 monthly with a maturity date of September 14, 2018 | | | 54,261 | | | | - | |
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Note payable to NFC III LLC bearing interest at 10% payable on demand | | | 75,000 | | | | - | |
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Note payable to an individual dated September 10, 2013, bearing interest at 8% payable on demand | | | 75,000 | | | | - | |
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Note payable to Shapiro Family Trust dated July 10, 2013, bearing interest at 8% payable on demand | | | 100,000 | | | | - | |
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Note payable to Craigmore Machinery Company dated August 15, 2013, bearing interest at 8% payable on demand | | | 50,000 | | | | - | |
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Note payable to Craigmore Machinery Company dated August 15, 2013 bearing interest at 8% payable on demand | | | 49,212 | | | | - | |
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Note payable to Craigmore Machinery Company dated September 1, 2013 bearing interest at 8% payable on demand | | | 5,000 | | | | - | |
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| | | 2,934,340 | | | | 11,191,632 | |
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Less current portion pertaining to continuing operations | | | (1,617,852 | ) | | | (1,035,087 | ) |
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Less current portion associated with discontinued operations | | | (1,203,859 | ) | | | (9,012,471 | ) |
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Less long term portion associated with discontinued operations | | | (112,629 | ) | | | (1,144,074 | ) |
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| | $ | - | | | $ | - | |
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Principal maturities of long term debt for the next five years and thereafter as of September 30, 2013 are as follows: |
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Period ended September 30, | | | | | | | | |
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2014 | | $ | 2,821,711 | | | | | |
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2015 | | | 80,073 | | | | | |
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2016 | | | 10,852 | | | | | |
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2017 | | | 10,852 | | | | | |
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2018 | | | 10,852 | | | | | |
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Thereafter | | | - | | | | | |
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| | $ | 2,934,340 | | | | | |
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