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Secured Lines of Credit
6 Months Ended
Jun. 30, 2011
Secured Lines Of Credit [Abstract]  
Secured Lines Of Credit [Text Block]
5.           Secured Lines of Credit
 
In June 2011, Cole Taylor provided a line of credit, from which may be drawn up to 85% of eligible receivables and 60% of eligible inventory for a period up to June 2016. The borrowings are collateralized, with recourse, by MBC's and Releta's trade receivables and inventory located in the US. This facility carries interest at a rate of prime plus 1% and is secured by substantially all of the assets of Releta and MBC. The amount outstanding on this line of credit as of June 30, 2011 was  $698,100.
 
Included in the Balance Sheet as Accounts Receivable at June 30, 2011, are account balances totaling $2,317,200 of accounts receivables and $1,911,400 of inventory collateralized to Cole Taylor under this facility.
 
In securing this credit facility and the notes described in Note 6, the Company incurred $225,000 in origination fees and other related costs, which have been capitalized as deferred financing costs as of June 30, 2011 and will be amortized over the term of the facility.
 
On April 26, 2005, Royal Bank of Scotland Commercial Services Limited ("RBS") provided an invoice discounting facility to KBEL for a maximum amount of £1,750,000 based on 80% prepayment against qualified accounts receivable related to KBEL's UK customers.  The initial term of the facility was one year, after which time the facility could be terminated by either party upon six months' notice.  The facility carries an interest rate of 1.38% above the RBS base rate and a service charge of 0.10% of each invoice discounted.  The amount outstanding on this line of credit as of June 30, 2011 was approximately $960,400.