Notes and Other Obligations

9 Months Ended

Sep. 30, 2015

Notes and Other Obligations [Abstract]

Note 4. Notes and Other Obligations:

Notes payable and other obligations consisted of the following:

	September 30, 2015 (Unaudited)		December 31, 2014

Mortgage notes	$	2,036,825	$	2,150,608
Other short-term installment obligations		226,844		160,375

		2,263,669		2,310,983
Less current portion		384,115		312,934

	$	1,879,554	$	1,998,049

Mortgage notes:

The Company has a mortgage facility on its land and building. The mortgage is held by a commercial bank and includes approximately 32% that is guaranteed by the U.S. Small Business Administration ("SBA"). The loan is collateralized by the real property and the SBA portion is also personally guaranteed by a former officer of the Company. The terms include a payment schedule based on a fifteen year amortization, with a balloon maturity at five years. The commercial bank portion has the interest rate fixed at 3.95%, and the SBA portion bears interest at the rate of 5.86%. The commercial bank portion of the loan requires total monthly payments of approximately $11,700, which includes approximately $5,000 per month in interest. The SBA portion of the loan requires total monthly payments of approximately $9,000 through July 2023, which currently includes approximately $3,300 per month in interest and fees.

Future maturities:

The Company's total debt obligations require minimum annual principal payments of approximately $123,000 for the remainder of 2015, $301,000 in 2016, $166,000 in 2017, $1,268,000 in 2018, $82,000 in 2019, $85,000 in 2020 and $239,000 thereafter, through the terms of the applicable debt agreements.