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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