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Long-Term Debt
 12 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
Long-Term Debt

 

7. Long-Term Debt

 

Long-term debt at December 31, 2011 and 2010 is as follows:

 

    2011   2010
Note payable to Western States Equipment Co., bearing interest        
at 6.4%; payable in monthly installments of $2,066; maturing        
December 2013; collateralized by equipment    $           -    $   67,645
         
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         77,040                 -
         
Note payable to CNH Capital America, LLC, bearing interest        
   at 4.5%; payable in monthly installments of $505; maturing        
   June 2013; collateralized by equipment   8,648   14,052
         
Note payable to GE Capital, bearing interest at 6.32%; payable in        
monthly installments of $908; maturing June 2011; collateralized by        
equipment                 -   5,235
         
Note payable to GE Capital, bearing interest at 2.25%; payable in        
monthly installments of $359; maturing July 2013; collateralized by        
equipment   6,531   10,639
         
Note payable to Robert (a deceased and former director) and Phyllis        
Rice, bearing interest at 1%; payable in monthly installments of        
$1,000; maturing April 2011; collateralized by equipment                 -   3,082
         
Note payable to Robert and Phyllis Rice, bearing interest        
at 1%; payable in monthly installments of $2,000; maturing        
March 2015; collateralized by equipment         80,882                 -
         
Note payable to De Lage Landen Financial Services        
at 5.2%; payable in monthly installments of $709; maturing        
July 2014; collateralized by equipment         19,229         27,143
         
Note payable to Catepillar Finance, bearing interest        
at 6.15%; payable in monthly installments of $766; maturing        
August 2014; collateralized by equipment         21,990                 -
         
Note payable to De Lage Landen Financial Services        
at 5.2%; payable in monthly installments of $697; maturing        
January 2015; collateralized by equipment         23,529                 -
        237,849       127,796
Less current portion       (79,631)       (45,389)
Noncurrent portion    $ 158,218    $   82,407

 

At December 31, 2011, principal payments on debt are due as follows:

 

Year Ending December 31,     
2012  $79,631 
2013   76,189 
2014   61,167 
2015   20,862 
   $237,849