Notes Payable

6 Months Ended

Jun. 30, 2011

NOTE H - NOTES PAYABLE

Effective January 18, 2008, the Company obtained a line of credit that calls for maximum borrowings of $301,500. The line bears interest at 8% per annum and is due January 18, 2018. As of the date of these financial statements, aggregate draws of $335,000 have been made against the line of credit. Total principal payments of $79,394 have been made on this line of credit as of June 30, 2011, leaving an outstanding balance of $255,606. The building with a net book value of $400,184 as of June 30, 2011 is collateral on the note.

Notes payable consisted of the following at June 30, 2011:


		Current	Long-term
	Total	Portion	Portion
Note payable to bank in monthly installments of
$1,464, including principal and variable interest,
currently 6%, guaranteed by stockholder,
guaranteed by Small Business Administration	$ 47,776	$ 15,015	$ 32,761

Note payable to bank in monthly installments of
$3,659, including principal and interest at 8% ,
collateralized by building	255,606	24,613	230,993


	$ 303,382	$ 39,628	$ 263,754

MIRENCO INC 10-Q