XML 56 R17.htm IDEA: XBRL DOCUMENT v2.4.1.9
10. Borrowings
12 Months Ended
Dec. 31, 2014
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]
10. Borrowings

We maintain a credit facility (the “TD Bank Credit Facility”) with TD Bank N.A. (“TD Bank) which provides for a $20,000,000 revolving credit line.  On November 26, 2014, we signed an amendment to the TD Bank Credit Facility through November 28, 2017.  Borrowings under the revolving credit line bear a floating rate of interest at the prime rate minus one percent and are secured by a lien on all of our assets.  We also pay a fee of 0.15% on unused borrowings under the revolving credit line.  The total deferred financing costs relating to expenses incurred to complete the TD Bank Credit

The TD Bank Credit Facility imposes certain quarterly financial covenants on us and restricts, among other things, our ability to incur additional indebtedness and the creation of other liens. We were in compliance with all financial covenants of the TD Bank Credit Facility at December 31, 2014.

As of December 31, 2014, undrawn commitments under the TD Bank Credit facility were $20,000,000.