FINANCING ARRANGEMENTS (Tables)

3 Months Ended

Mar. 31, 2017

FINANCING ARRANGEMENTS

Summary of long-term debt balances

	March 31			December 31
	2017			2016
Term notes payable - Wells Fargo Bank, N.A.
Real estate term notes bearing interest at three month LIBOR + 2.75% maturing March 31, 2027, and December 31, 2027 with combined monthly payments of approximately $19,000 plus interest, secured by substantially all assets.	$	1,701,390		$	2,415,428
Equipment notes bearing interest at three month LIBOR + 2.75% maturing May 2018 with a combined monthly payments of approximately $46,000 plus interest, secured by substantially all assets	2,442,411			2,489,624
Industrial revenue bond payable to the City of Blue Earth, Minnesota which bears a variable interest rate (approx. 0.25% at March 31, 2017), and has a maturity date of June 1, 2021, with principal of $80,000 payable annually on June 1	200,000			200,000
Devicix Acquistion Note 1 payable to DeLange Holdings bears interest rate of 4.0% per annum, maturing July 1, 2019	582,079			643,585
Devicix Acquistion Note 2 payable to DeLange Holdings bears interest rate of 4.0% per annum, maturing July 1, 2019	756,703			836,661
	5,682,583			6,585,298
Discount on Devicix Notes Payable	(92,511		)	(102,424		)
Debt issuance Costs	(21,326		)	(25,896		)
Total long-term debt	5,568,746			6,456,978
Current maturities of long-term debt	(1,571,111		)	(1,565,347		)
Long-term debt - net of current maturities	$	3,997,635		$	4,891,631