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3. Line of Credit
12 Months Ended
Dec. 31, 2012
Debt Disclosure [Abstract]  
3. Line of Credit

 

Note 3. Line of Credit:

 

In November 2011, the Company secured a line of credit, which provided a maximum borrowing of $500,000. The credit line bore interest at 2.25% and was collateralized by a $500,000 certificate of deposit. For the year ended December 31, 2011, total borrowings were $300,000, which represented borrowings of $400,000 and repayments of $100,000 under the line of credit. For the year ended December 31, 2012, total borrowings were $479,405 and repayments were $779,405 which resulted in no outstanding borrowings at December 31, 2012. The line of credit and associated certificate of deposit matured on November 16, 2012. Accordingly, the line of credit expired according to its terms and the collateral was released.