| Long Term Debt |
NOTE 8 – Long Term Debt
| |
|
Year ended December 31,
|
|
|
Notes payable of Biozone Labs
|
|
2011
|
|
|
2010
|
|
|
Capitalized lease obligations bearing interest at rates ranging from 8.6% to 16.3%,
|
|
$ |
307,255 |
|
|
$ |
213,510 |
|
|
payable in monthly installments of $168 to $1,589, inclusive of interest
|
|
|
|
|
|
|
|
|
|
City of Pittsburg Redevelopment Agency, 3% interest, payable in monthly installments
|
|
|
257,639 |
|
|
|
304,721 |
|
|
of $3,640 inclusive of interest
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
90,000 |
|
|
|
100,000 |
|
|
Notes payable of 580 Garcia Properties
|
|
|
|
|
|
|
|
|
|
Mortgage payable of 580 Garcia collateralized by the land and building
|
|
|
2,643,438 |
|
|
|
2,703,142 |
|
|
payable in monthly installments of $20,794, inclusive of interest at 7.24% per annum
|
|
|
|
|
|
|
|
|
| |
|
$ |
3,298,332 |
|
|
$ |
3,321,373 |
|
|
Less: current portion
|
|
|
260,741 |
|
|
|
277,299 |
|
| |
|
|
3,037,591 |
|
|
|
3,044,074 |
|
Long-term debt (excluding capital leases)
matures as follow:
|
|
|
|
|
12/31/2012
|
106,797
|
|
12/31/2013
|
112,434
|
|
12/31/2014
|
118,446
|
|
12/31/2015
|
124,766
|
|
12/31/2016
|
131,695
|
|
Thereafter
|
2,396,940
|
| |
|
Future minimum annual lease payments for capital leases in effect as of December 31, 2011 are as follows:
|
12/31/2012
|
153,944
|
|
12/31/2013
|
69,316
|
|
12/31/2014
|
58,214
|
|
12/31/2015
|
25,780
|
|
12/31/2016
|
-
|
|
Thereafter
|
-
|
|