Note 8 – NOTES PAYABLE

Notes payable consist of the following:

	March 31,				December
	2012		2011		2011

Note payable to Private Bank in monthly installments of $42,222, plus variable interest rate, currently at 2.7963%, with a balloon payment of $5,066,667 due February 6, 2014. Collateralized by substantially all assets of the Company.	$	5,745,556	$	6,502,222	$	5,914,445

Line of credit with Private Bank at variable interest rate, currently at 3.25%. The agreement has been extended with terms allowing borrowings up to $2.0 million, maturing on May 31, 2012. Collateralized by substantially all assets of the Company.		250,000		---		1,000,000

Line of credit with Morgan Stanley for borrowings up to $2.8 million at variable interest rate, currently at 3.00% due on demand. Collateralized by investments, cash and CD's.		---		1,858,110		---

Notes payable to Ford Credit Corp. payable in monthly installments of $1,778.23 at 5.99%, due July 2015, secured by transportation equipment.		64,200		---		68,509

Note payable to Fletcher Jones of Chicago, Ltd LLC in monthly installments of $1,768.57 at 6.653%, due May 24, 2017, secured by transportation equipment.		93,927		---		97,598

Total notes payable		6,153,683		8,360,332		7,080,552
Less current maturities		789,933		2,364,774		1,540,716
Total long-term portion	$	5,363,750	$	5,995,558	$	5,539,836

In accordance with the Private Bank agreements referenced above, the Company is subject to minimum fixed charged ratio and tangible net worth thresholds. At March 31, 2012, the Company was in compliance with these covenants.

Maturities of notes payables are as follows:

For the Period Ended March 31,

2013	$	789,933
2014		5,274,365
2015		37,815
2016		25,826
2017		20,103
Thereafter		5,641
Total	$	6,153,683