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REVOLVING LINE OF CREDIT
12 Months Ended
Dec. 31, 2011
Revolving Line Of Credit [Abstract]  
Revolving Line Of Credit [Text Block]

7. REVOLVING LINE OF CREDIT

 

On August 17, 2011, the Company entered into a revolving credit facility with Silicon Valley Bank. The maximum borrowing under the facility is $2,000,000. Borrowings under the facility are subject to certain limitations based on a percentage of accounts receivable, as defined in the agreement, and are secured by all of the Company’s assets. The facility bears interest at a rate of U.S. prime (3.25% at December 31, 2011) plus 1.25%. Interest is payable monthly and the principal is due upon maturity on August 17, 2013. At December 31, 2011, there were no amounts outstanding and unused availability under the facility was $1,001,000.