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Long-Term Debt
6 Months Ended
Jun. 30, 2014
Long-term Debt, Unclassified [Abstract]  
Long-Term Debt

6. Long-Term Debt

 

Maturities of long-term debt for succeeding years are as follows:.

 

    June 30, 2014     December 31, 2013  
Loan from Cole Taylor, payable in monthly installments of $12,300, plus interest (including default interest) at prime plus 4% with a balloon payment of approximately $2,202,500 in June 2016; secured by substantially all assets of Releta and MBC.   $ 2,497,200     $ 2,570,900  
                 
Loans from Cole Taylor, payable in monthly installments of $32,300 plus interest (including default interest) at prime plus 3.5% with a balloon payment of approximately $908,700 in June 2016; secured by substantially all assets of Releta and MBC.     1,683,400       1,877,100  
      4,180,600       4,448,000  
                 
Less current maturities     4,180,600       4,448,000  
    $ -     $ -