XML 22 R9.htm IDEA: XBRL DOCUMENT v2.3.0.15
Debt and Shareholders Equity
9 Months Ended
Sep. 30, 2011
Notes to Financial Statements 
Debt and Shareholders Equity

Note 4 —Debt and Shareholders Equity

 

The Company’s revolving loan agreement, as amended, provides for borrowings up to $20 million, with all principal amounts outstanding thereunder required to be repaid in a single amount on March 31, 2013. In addition, the Company’s revolving loan agreement requires monthly interest payments.  As of September 30, 2011 and December 31, 2010, the Company had outstanding borrowings of $18,106,000 and $13,522,000, respectively, under the revolving loan agreement.

 

During the nine months ended September 30, 2011, the Company issued 42,250 shares of common stock upon the exercise of outstanding stock options and received total proceeds of $145,925.  There were no stock options exercised during the three months ended September 30, 2011.