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PRIDES CROSSING CAPITAL (DETAILS) (USD $)
Aug. 31, 2013
PRIDES CROSSING CAPITAL  
Loan Agreement with Prides Crossing Capital L.P. and Prides Crossing Capital -A, L.P. $ 2,700,000
Amount used to pay-off the prior credit facilities 1,800,000
Loan matures on May1, 2016 and bears an interest rate of 14.00%
Quarterly principal payments 135,000
Security offered in company's equity interests in its domestic subsidiaries 100.00%
Security offered in company's equity interests in its foreign subsidiaries 65.00%
Personal guarantee offered by CEO upto 500,000
Consideration for extending personal guaranty 80,000
Repurchase of shares as per the amended agreement 170,000
Warrants issued to the lender 25,000
Exercise price per share $ 1.00
Warrants vesting period 3
Grant date fair value of the warrant of approximately 51,000
Accretion during recorded as interest expense 2,000
Warrant was adjusted to its fair value 42,000
Other income recorded during the period $ 9,000