XML 38 R36.htm IDEA: XBRL DOCUMENT v2.4.0.8
LINE OF CREDIT (Details Textual) (USD $)
3 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Mar. 31, 2014
Line of Credit Facility [Line Items]      
Line of Credit Facility, Increase, Accrued Interest $ 1,576 $ 736  
Percentage Of Factoring Fees 1.00%    
Line of Credit Facility, Interest Rate During Period 5.25%    
Line of Credit Facility, Maximum Amount Outstanding During Period 64,776    
Due to Related Parties 5,529,929   4,925,982
Line of Credit Facility, Borrowing Capacity, Description the Company to receive an advance of up to 70% of qualified accounts receivable.    
Line Of Credit Commission Expenses 14,506 23,020  
Line Of Credit Facility Sub Limits Description The Revolving Credit Facility includes the following sub-limits: ⋅ Letters of Credit to be issued limited to $3,000,000. ⋅ Inventory availability limited to $4,000,000. ⋅ Mandatory pay-down to $1,000,000 (excluding letters of credit) for any 30 consecutive days between February 1 and April 30.    
Line of Credit Facility, Description Usage under the Revolving Credit Facility shall not exceed the sum of the following (the “Borrowing Base”): ⋅ Up to 85% of the company’s eligible domestic and Canadian accounts receivable aged less than 60 days past due (not to exceed 90 days from invoice date, cross aged on the basis of 50% or more past due with certain specific accounts qualifying for up to 120 days from invoice date not to exceed 30 days from the due date; plus ⋅ Up to the lesser of (a) 50% of the cost of eligible inventory or (b) 75% of net orderly liquidation value percentage of eligible inventory (annual inventory appraisals required); minus ⋅ An all-time $500,000 block; minus ⋅ Applicable reserves including a dilution reserve equal to 125% of the Company’s advertising and return accrual reserves. Dilution reserve not to exceed availability generated from eligible accounts receivable.    
Revolving Credit Facility [Member] | Subsequent Event [Member]
     
Line of Credit Facility [Line Items]      
Line of Credit Facility, Interest Rate During Period 2.00%    
Debt Instrument, Basis Spread on Variable Rate 3.50%    
Line Of Credit Facility Defaut Rate 2.00%    
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage 375.00%    
First Priority Security Ownership Interest, Percentage 100.00%    
First Priority Lien, Percentage 65.00%    
Debt Instrument, Description of Variable Rate Basis LIBOR    
Line of Credit Facility, Covenant Terms The Revolving Credit Facility must comply with the following quarterly financial covenants to avoid default: ⋅ Fixed charge coverage ratio test of 1.1:1 times measured on a rolling four quarter basis, defined as EBITDA less non-financed capital expenditures, cash dividends and distributions paid and cash taxes paid divided by the sum of interest and principal on all indebtedness. ⋅ Capital expenditures limited to $150,000 per year.    
Line of Credit Facility, Initiation Date Jul. 14, 2014    
Line of Credit Facility, Expiration Date Jul. 14, 2017    
Ram Light Mnagement, Ltd., [Member]
     
Line of Credit Facility [Line Items]      
Due to Related Parties 1,683,247    
Ram Light Mnagement, Ltd., [Member] | Subsequent Event [Member]
     
Line of Credit Facility [Line Items]      
Conversion Of Related Party Debt 1,100,000    
Debt Instrument, Payment Terms The Ram Light Note bears interest at 6% per annum with quarterly payments of $150,000 (including principle and interest) payable beginning December 31, 2014. The first scheduled principal and interest payment of $150,000 will only be permitted upon receipt of the Company’s December 31, 2014 quarterly compliance certificate; the Company having met the mandatory pay-down of the Revolving Credit Facility to $1,000,000 and average excess availability for the prior 30 days (after subtraction of third party trade payables 30 days or more past due) of no less than $1,000,000 after giving effect to the payment.    
Starlight Marketing Development, Ltd [Member]
     
Line of Credit Facility [Line Items]      
Due to Related Parties 816,753    
Starlight Marketing Development, Ltd [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member]
     
Line of Credit Facility [Line Items]      
Debt Instrument, Collateral Amount 2,500,000    
Debt Instrument, Collateral Fee 200,000    
Ram Light Note [Member] | Subsequent Event [Member]
     
Line of Credit Facility [Line Items]      
Debt Instrument, Interest Rate, Stated Percentage 6.00%    
Related Party [Member]
     
Line of Credit Facility [Line Items]      
Due to Related Parties 2,500,000    
Peak Selling Season before February 14 [Member]
     
Line of Credit Facility [Line Items]      
Line of Credit Facility, Maximum Amount Outstanding During Period 5,000,000    
Peak Selling Season After February 14 [Member]
     
Line of Credit Facility [Line Items]      
Line of Credit Facility, Maximum Amount Outstanding During Period 500,000    
Peak Selling Season between August 1 and December 31 [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member]
     
Line of Credit Facility [Line Items]      
Line of Credit Facility, Maximum Amount Outstanding During Period 15,000,000    
Peak Selling Season between between January 1 and July 31 [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member]
     
Line of Credit Facility [Line Items]      
Line of Credit Facility, Maximum Amount Outstanding During Period $ 7,500,000