FINANCING AGREEMENTS (Tables)

12 Months Ended

Dec. 31, 2012

FINANCING AGREEMENTS

Summary of long-term debt balances

Description	2012			2011
Term notes payable—Wells Fargo Bank, N.A.
Real estate term note, maturing March 31, 2027, with monthly payments of approximately $10,000 plus interest, secured by substantially all assets	$	1,707,894		$	1,009,050
Equipment notes bearing interest at three month LIBOR + 4.5% (approx. 5.4%) and three month LIBOR + 3.25% (approx 4.1%), maturing May 2015 and December 2017, respectively with combined monthly payments of approximately $21,000 plus interest; secured by substantially all assets		1,091,110			514,077
Industrial revenue bond payable to the City of Blue Earth, Minnesota which bears a variable interest rate (approx. 0.3% at December 31, 2012), and has a maturity date of June 1, 2021, with principal of $80,000 payable annually on June 1		520,000			600,000
Total long-term debt		3,319,004			2,123,127
Current maturities of long-term debt		(453,105	)		(1,310,210	)
Long-term debt—net of current maturities	$	2,865,899		$	812,917

Schedule of future maturity requirements for long-term debt

Years Ending December 31,	Amount
2013	$	453,105
2014		453,105
2015		461,022
2016		358,105
2017		358,105
Future		1,235,562
	$	3,319,004