Note 6 - Long-term Debt

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Long-term Debt [Text Block]

Note

6

– Long-Term Debt

Long-term debt consists of the following at years

December

31,

2016

and

2015:

	December 31 ,			December 31,
	2016			2015
Real Estate Loan for our facility in North Dakota, interest at 3.75%, monthly principal and interest payment of $5,255 ending October 3, 2028. Collateralized by land and property purchased with the loan.	$	355,033		$	536,038
Note payable to the seller of Heat Waves. The note was garnished by the Internal Revenue Service (“IRS”) in 2009 and is due on demand; paid in monthly installments of $3,000 per agreement with the IRS.		170,000			206,000
Mortgages payable to banks, interest ranging from 5.9% to 7.25%, due in monthly principal and interest payments of $6,105, secured by land. Remaining principal balances were paid in February 2017.		97,839			162,730
Total		622,872			904,768
Less current portion		(318,499	)		(314,263	)
Long-term debt, net of current portion	$	304,373		$	590,505

Aggregate maturities of debt, excluding the

2014

Credit Agreement described in Note

4,

are as follows:

Year s Ended December 31,
2017	$	318,499
2018		52,391
2019		54,418
2020		56,503
2021		58,709
Thereafter		82,352
Total	$	622,872