2.4.0.8104 - Disclosure - LINE OF CREDITtruefalsefalse1false falsefalsefrom-2013-01-01-to-2013-06-30.2486.0.0.0.0.0.0.0http://www.sec.gov/CIK0001085254duration2013-01-01T00:00:002013-06-30T00:00:001true 1us-gaap_LineOfCreditFacilityAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0LINE OF CREDIT [Abstract]2false 2hiit_LineOfCreditFacilityTextBlockhiit_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<div> <div style="WIDTH: 624px"> NOTE 4 - LINE OF CREDIT On June 26, 2013, our wholly-owned subsidiaries, KMHVC, Inc. and AES (the "Borrower") entered into a $2 million revolving accounts receivable financing facility with Rosenthal & Rosenthal ("Rosenthal"). The financing facility provides for the Borrower to have access to the lesser of (i) $2 million or (ii) 85% of Net Amount of Eligible Receivables (as defined in the financing agreement). The financing facility is paid for by the assignment of the Borrower's accounts receivable to Rosenthal and is secured by the Borrower's assets. The financing facility has an interest rate of 4.00% in excess of the prime rate reported by the Wall Street Journal per annum. The interest rate increases to the prime rate plus 7.00% for any borrowings in excess of 85% of the Borrower's Net Amount of Eligible Receivables. In addition, the Borrower paid Rosenthal a facility fee of $30,000 on the closing and an annual fee of $20,000 and a monthly administration fee of $1,000 as well as monthly additional charges of not less than $2,000. The financing facility is for an initial term of two-years, expiring on June 30, 2015, and will renew on a year to year basis, unless terminated in accordance with the financing agreement. If the facility is terminated prior to the first anniversary, Borrower is obligated to pay Rosenthal a fee of $40,000 and if terminated after the first anniversary and prior to the second anniversary then Borrower shall pay a fee of $20,000. We guaranteed repayment of the line of credit, which guaranty is secured by our assets.   During the six months ended June 30, 2013, the Company made draws, net of expenses of $934,200, as of June 30, 2013.   Pursuant to the terms of the financing facility, the Company is required to maintain at the end of each quarter, tangible net worth in an amount not less than negative $1,000,000 and working capital of not less than negative $2,000,000. The Company paid a total of $63,700 in various financing fees which will be amortized over the two year life of the line of credit.  A summary is shown below: <table style="FONT-SIZE: 10pt; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="FONT-SIZE: 0px"> <td width="64"> </td> <td width="64"> </td> <td width="64"> </td> <td width="88"> </td> <td width="67"> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="192" colspan="3"> Balance at January 1, 2013 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="88">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="67">  $           -    </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="192" colspan="3">  Add:  financing fees paid </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="88">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="67">     63,700 </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="280" colspan="4">  Less:  amortization of deferred financing costs </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="67">              -    </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="64">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="64">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="64">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="88">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="67">     63,700 </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="192" colspan="3">  Less:  current maturities </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="88">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="67">   (31,850) </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="280" colspan="4">  Long-term deferred financing costs </td> <td style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="67">  $ 31,850 </td> </tr> </table> </div> </div>falsefalsefalsenonnum:textBlockItemTypenaNo authoritative reference available.No definition available.false0Line of CreditfalseLINE OF CREDITUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.hiitinc.com/role/LineOfCredit12