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REVOLVING LINE OF CREDIT
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6 Months Ended |
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Jun. 30, 2013
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| REVOLVING LINE OF CREDIT | |
| REVOLVING LINE OF CREDIT |
NOTE 3 REVOLVING LINE OF CREDIT
In May 2012, May 2013 and August 2013, the Company extended a credit agreement with a bank that provides for a revolving line of credit of up to $10 million for borrowings and letters of credit. As of June 30, 2013, no amounts were outstanding and $9,855,000 was available to be drawn on the line of credit. The credit agreement includes a non-usage commitment fee of 0.20% per annum and covenants limiting other indebtedness, liens, transfers or sales of assets, distributions or dividends and merger or consolidation activity. The facility has an interest rate of the banks prime rate plus 0.75% with the total interest rate to be charged being no less than 4.00%. The maturity date on the note was extended to April 10, 2014. Two of the Companys stockholders are jointly and severally obligated for outstanding borrowings under the credit facility. |