On January 2, 2010, Indian Riv

On January 2, 2010, Indian River Groves began construction of a new citrus processing plant. The automated plant was finished and ready for use on September 30, 2011. Expenditures for the construction were as follows: January 2, 2010 $200,000 September 1, 2010 600,000 December 31, 2010 600,000 March 31, 2011 600,000 September 30, 2011 400,000 Indian River Groves borrowed $1,100,000 on a construction loan at 12% interest on January 2, 2010. This loan was outstanding during the construction period. The company also had $4,000,000 in 9% bonds outstanding in 2010 and 2011.