XML 24 R18.htm IDEA: XBRL DOCUMENT v3.3.0.814
Line of Credit – Factor (Details Textual)
3 Months Ended
Jun. 30, 2015
USD ($)
Line of Credit Facility, Borrowing Capacity, Description The agreement replaces the financing and factoring agreement with CIT which was terminated on the same date. In accordance with the provisions of the Discount Factoring Agreement with Merchant, the Company may take advances, recorded as a liability of the Company, equal to eighty percent (80%) of the factored trade accounts receivable balance less applicable factoring commissions. Additionally, the Discount Factoring Agreement with Merchant enables the Company to borrow up to fifty percent (50%) of eligible inventories subject to a borrowing limitation on inventory of $1,000,000.
Line of Credit Facility, Interest Rate Description bear interest at the prime commercial rate of interest, as published, plus two percent (Effective rate 3.25% at June 30, 2015).
Long-term Line of Credit $ 426,732