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Note 8 - Debt
3 Months Ended
Mar. 31, 2014
Disclosure Text Block [Abstract]  
Long-term Debt [Text Block]

NOTE 8 – Debt 


The Company has a $500,000 line of credit agreement with Sun National Bank. The facility matures on June 30, 2014 and accrues interest at a variable rate equal to the bank’s prime rate plus 250 basis points with a minimum annual interest rate of 4.5% per annum. Principal borrowings may be prepaid at any time without penalty, and the facility is secured by substantially all of the Company’s assets. Borrowings under the facility are limited to a percentage of aggregate outstanding receivables that are due within 90 days. The facility contains customary affirmative and negative covenants and a net worth financial covenant. As of March 31, 2014 and the date of this report, the borrowing capacity under the facility was $455,624, there were no amounts outstanding, and the Company was in compliance with all covenants.