| Summary of long-term debt balances |
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September 30
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December 31
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2016
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2015
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Term notes payable - Wells Fargo Bank, N.A.
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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 $19,000 plus interest, secured by substantially all assets.
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$
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2,472,945
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$
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2,645,495
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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
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2,648,680
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2,633,740
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Industrial revenue bond payable to the City of Blue Earth, Minnesota which bears a variable interest rate (approx. 0.25% at March 31, 2016), and has a maturity date of June 1, 2021, with principal of $80,000 payable annually on June 1
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200,000
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280,000
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Devicix Acquistion Note 1 payable to DeLange Holdings bears interest rate of 4.0% per annum, maturing July 1, 2019
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704,480
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903,128
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Devicix Acquistion Note 2 payable to DeLange Holdings bears interest rate of 4.0% per annum, maturing July 1, 2019
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915,824
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1,174,066
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6,941,929
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7,636,429
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Discount on Devicix Notes Payable
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(112,336
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)
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(142,072
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)
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Debt issuance Costs
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(30,466
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)
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(44,175
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)
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Total long-term debt
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6,799,127
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7,450,182
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Current maturities of long-term debt
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(1,559,641
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)
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(1,495,513
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)
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Long-term debt - net of current maturities
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$
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5,239,486
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$
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5,954,669
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