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Debt
3 Months Ended
Sep. 30, 2012
Debt Disclosure [Abstract]  
Debt

(6) Debt

 

Credit Facilities

 

In October 2010, we entered into a financing facility with a commercial bank providing a $7.0 million term loan note and a $3.0 million revolving credit facility. The $7.0 million term loan terminates in October 2015, and the $3.0 million revolving credit facility expired in October 2012. The term loan requires monthly payments of principal plus interest at the rate of prime plus 0.25%, but not less than 4.0%. The revolving credit facility allowed multiple advances not to exceed $3.0 million, based on eligible accounts receivable, and incurred interest at the rate of prime plus 0.25%, but not less than 4.0%. The bank financing facilities are secured by the assets of ASO, including accounts receivable, and require us to comply with designated covenants. The balance of the $7.0 million term loan at September 30, 2012 was $6.3 million and there was no outstanding balance on the revolving credit facility at September 30, 2012.

 

The Company was in compliance with all covenants as of September 30, 2012.

 

In October 2012 the Company’s $3.0 million revolving credit facility expired. The Company had no outstanding balance on the revolving credit facility.