XML 24 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
Line of credit facility
3 Months Ended
Mar. 31, 2012
Line Of Credit Facility [Abstract]  
Line of credit facility [Text Block]

12.           Line of credit facility

 

On April 12, 2011, the Company entered into a Revolving Line of Credit and Security Agreement with Laddcap for up to $500 for a fifteen month term. The Agreement encompasses a standby commitment fee of two (2%) percent of the maximum loan amount along with an eight (8%) percent interest charge on any funds drawn. The Company has fully accrued the commitment fee of $10 and expensed $2 associated to the facility for the three months ended March 31, 2012. Laddcap is a related party as the Managing Partner and beneficial owner of LaddCap is a 10% plus shareholder and Chief Executive Officer of MGT. No amounts have been drawn down against the facility as of the date of the filing of the Company’s Form 10-Q for the quarterly period ended March 31, 2012.