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Credit Facility
9 Months Ended
Dec. 31, 2015
Credit Facility  
Credit Facility

 

5.Credit Facility

 

We currently have a two-year, $12.0 million revolving line of credit with California Bank & Trust (“CB&T”), which expires on October 1, 2016. Interest on borrowed amounts under the revolving line of credit is payable monthly at a rate equal to the current stated prime rate (3.50% at December 31, 2015). We are obligated to pay an unused line fee of 0.15% per annum applied to the average unused portion of the revolving line of credit during the preceding month. The revolving line of credit does not contain any early termination fees and is secured by substantially all of our assets. As of December 31, 2015 and March 31, 2015, no amounts were outstanding under the credit facility with CB&T. Availability under this line of credit may be reduced or otherwise limited as a result of our obligations to comply with certain financial and other covenants. As of December 31, 2015 and March 31, 2015, we were in compliance with all such financial covenants.