XML 25 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Commitments
3 Months Ended
Mar. 31, 2012
Commitments [Abstract]  
Commitments

NOTE H — COMMITMENTS

On September 9, 2011, we entered into a master lease agreement for a $1.0 million equipment line of credit with Garic, Inc. The lease has a 12 month draw down period and each schedule has a 36 month term and a lease rate factor of 3.1947%. The lease has a fair market value option at the end of the term at a price not to exceed 15% of the equipment cost or the right to return the equipment. Monthly payments on the entire amount will be $31,647 and will have an annual interest rate of 16.12%. During the three months ended March 31, 2012, the Company entered into lease schedules for approximately $250,000 and had $550,000 of remaining availability on the lease line at March 31, 2012.

During the three months ended March 31, 2012, we entered into several vendor lease arrangements primarily for the acquisition of lab equipment and to a lesser extent computer hardware in the amount of approximately $820,000. These capital leases were for 36 months, had $1 purchase options at the end of the term and interest rates between 6% to 16%.