FINANCING AGREEMENTS (Tables)

12 Months Ended

Dec. 31, 2014

FINANCING AGREEMENTS

Summary of long-term debt balances

Description	2014			2013
Term notes payable—Wells Fargo Bank, N.A.
Real estate term notes bearing interest at three month LIBOR + 3.0% (approx. 3.25%), maturing March 31, 2027, and December 31, 2017 with combined monthly payments of approximately $19,000 plus interest, secured by substantially all assets.	$	2,875,560		$	3,105,627
Equipment notes bearing interest at three month LIBOR + 3.0% (approx. 3.25%) maturing May 2018 with a combined monthly payments of approximately $27,000 plus interest, secured by substantially all assets		1,569,781			1,333,463
Industrial revenue bond payable to the City of Blue Earth, Minnesota which bears a variable interest rate (approx. 0.24% at December 31, 2014), and has a maturity date of June 1, 2021, with principal of $80,000 payable annually on June 1		360,000			440,000
Total long-term debt		4,805,341			4,879,090
Current maturities of long-term debt		(732,835	)		(632,176	)
Long-term debt—net of current maturities	$	4,072,506		$	4,246,914

Schedule of future maturity requirements for long-term debt

Years Ending December 31,	Amount
2015	$	732,835
2016		645,752
2017		637,835
2018		793,625
2019		270,067
Future		1,725,227
	$	4,805,341