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Notes Payable (Tables)
6 Months Ended
Nov. 30, 2012
Notes Payable

               Notes payable as of November 30, 2012 and May 31, 2012 are as follows:

 

November 30,

May 31,

2012

2012

Note payable to F&M Bank & Trust Company, prime rate of interest not less than 4.5%, due March 13, 2014, monthly principal payments of $72,593 plus interest

 $       4,791,110

 $       5,226,665

Note payable by variable interest entity to F&M Bank & Trust Company, prime rate of interest but not less than 4.75%, dueMarch 15, 2014, monthly installments of $35,512, secured by buildings and land

          3,496,031

          3,623,070

Capitalized lease payable, due August 15, 2016, 5% interest, monthly payments of $10,625 plus $0.50 per pallet for monthly sales in excess of 12,500

             435,152

             481,597

Note payable to BancFirst, prime rate of interest plus 1%, paid June 2012

                        -

                 8,047

Note payable to Robert Rosene, 7.5% interest, due January 15, 2014

          2,066,000

          2,066,000

Note payable to Warren Kruger, 7.5% interest, due January 15, 2014

             527,716

             527,716

Other notes payable

               88,962

             110,778

        11,404,971

        12,043,873

Less: Current portion

          1,285,911

          1,286,312

Long-term Debt

 $     10,119,060

 $     10,757,561