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FINANCING ARRANGEMENTS (Tables)
9 Months Ended
Sep. 30, 2014
FINANCING ARRANGEMENTS  
Summary of long-term debt balances

 

                                                                                                                                                                                       

 

 

September 30

 

December 31

 

 

 

2014

 

2013

 

Real Estate Term Loan 1, interest at three month LIBOR + 3.0%, due in installments through March 31, 2027

 

$

1,445,078 

 

$

1,533,928 

 

Real Estate Term Loan 2, interest at three month LIBOR + 3.0%, due in installments through December 31, 2027

 

1,488,000 

 

1,571,700 

 

Equipment loan, interest at three month LIBOR + 3.0%, due January 31, 2016

 

126,666 

 

197,916 

 

Equipment loan, interest at three month LIBOR + 3.0%, due May 31, 2018

 

1,182,356 

 

1,135,546 

 

Equipment loan, interest at three month LIBOR + 3.0%, due May 31, 2018

 

280,000 

 

 

Blue Earth Bond, which bears a variable interest rate, due in installments through June 30, 2021

 

360,000 

 

440,000 

 

Total debt

 

4,882,100 

 

4,879,090 

 

Less current maturities

 

737,961 

 

632,176 

 

Long-term debt

 

$

4,144,139 

 

$

4,246,914