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Note 5 - Borrowings Under Line of Credit
6 Months Ended
Dec. 31, 2011
Debt Disclosure [Text Block]
5.  Borrowings Under Line of Credit

On December 31, 2010, certain subsidiaries of the Company entered into a new line of credit facility which permits up to $9 million of borrowings limited to 85% of aggregate eligible accounts receivable with PNC Bank, National Association. The interest rate is, at the Company’s option, either (i) the “Eurodollar Rate”, which is calculated by using the LIBOR rate plus an applicable margin ranging from 2.5% to 3.25% or (ii) the bank’s “Alternate Base Rate”, which is calculated by using the base rate of the bank, the federal funds open rate, or the daily LIBOR rate plus an applicable margin ranging from 1.75% to 2.75%. The interest rate as of December 31, 2011 was 5%. The Company had outstanding borrowings from the bank under its credit line of approximately $2.1 million as of December 31, 2011 and had $3.9 million outstanding as of June 30, 2011. The line expires on December 31, 2012 and is secured by 65% of the stock in one of the Company’s subsidiaries and 100% of the stock of a separate subsidiary.