LONG-TERM DEBT

12 Months Ended

Dec. 31, 2011

LONG-TERM DEBT

LONG-TERM DEBT

6. LONG-TERM DEBT

Summary of Long-Term Debt

	At December 31,
	2011			2010
Long-term debt of the Company consists of:
Crownpoint property	$	450,000		$	450,000
Capital leases		119,232			202,771
		569,232			652,771
Less—Current portion		(65,161	)		(83,183	)
Total long-term debt	$	504,071		$	569,588

        Maturities of long-term debt and capital leases are as follows:

For the Twelve Months Ended:	Long-Term Debt		Capital Leases
December 31, 2012	$	—	$	76,740
December 31, 2013		—		53,109
December 31, 2014		—		14,739
December 31, 2015		—		—
December 31, 2016 and beyond		450,000		—
Totals	$	450,000	$	144,588
Less amounts representing imputed interest				(25,356	)
Present value of future payments			$	119,232