XML 33 R14.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 8. Line of Credit
9 Months Ended
Sep. 30, 2013
Notes to Financial Statements  
Line of Credit

Effective April 30, 2013, the Company renewed it’s line of credit and increased the amount of funds available to 75% of eligible accounts receivable, as defined in the line of credit agreement, up to a maximum of $2,000,000. The interest rate was also reduced to Libor plus 3.5%.   The Company borrowed $500,000 during the three-month period ended September 30, 2013 to partially finance the Acquisition of PIR, and therefore owed $500,000 on the line of credit as of September 30, 2013.  As of September 30, 2013, the Company had approximately $355,000 remaining for future borrowings under the line of credit based on the calculation of eligible accounts receivable.