Bank line of credit	6 Months Ended
Bank line of credit	Dec. 31, 2011
Bank line of credit [Abstract]
Bank line of credit	3. Bank line of credit During October 2011, we entered into a revolving demand note (line of Credit) arrangement with HSBC Bank USA, with a revolving borrowing limit of $150,000. The line of credit bears a variable interest rate of one quarter percent (0.25%) above the prime rate. This borrowing facility is renewed annually and the Company is required to maintain a separate demand deposit account with HSBC with a minimum balance equal to the outstanding borrowing. In the event the deposit account is not established or minimum balance maintained, HSBC can charge a higher rate of interest of up to 4.0% above prime rate. The loan's interest rate as of December 31, 2011 was three and one half percent (3.5%). As of 12/31/2011, we had drawn down $50,000 loan balance on the line.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details