Annual report pursuant to Section 13 and 15(d)

Long Term Debt

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Long Term Debt
 12 Months Ended
Dec. 31, 2012
Debt Disclosure [Abstract]  
Long Term Debt

NOTE 8 – Long Term Debt

 

 

 

 

               Year ended December 31,
Notes payable of Biozone Labs           2012   2011
Capitalized lease obligations bearing interest at rates ranging from 8.6% to 16.3%,    $       192,323    $       307,255
     payable in monthly installments of $168 to $1,589, inclusive of interest        
City of Pittsburg Redevelopment Agency, 3% interest, payable in monthly installments            221,190             257,639
     of $3,640 inclusive of interest                
Other                              80,000               90,000
Notes payable of 580 Garcia Properties                
Mortgage payable of 580 Garcia collateralized by the land and building            2,582,818         2,643,438
     payable in monthly installments of $20,794, inclusive of interest at 7.24% per annum      
                   $    3,076,331    $   3,298,332
Less: current portion                        181,752             260,741
                         2,894,579         3,037,591

 

 

Long-term debt (excluding capital leases) matures as follows:

12/31/2013           112,435
12/31/2014           118,446
12/31/2015           124,856
12/31/2016          111,151
12/31/2017           96,969
Thereafter     2,512,474
   

Future minimum annual lease payments for capital leases in effect as of December 31, 2012 are as follows:

 

12/31/2013           69,316
12/31/2014            58,214
12/31/2015            35,371
12/31/2016             29,421
12/31/2017                     -
Thereafter                     -