Subsequent Events

9 Months Ended

Sep. 30, 2013

Subsequent Events

Subsequent Events

Note 15. Subsequent Events

On October 31, 2013, the Company entered into a revolving credit facility agreement (the “facility”) with Silicon Valley Bank (“SVB”) that provides for borrowings of up to $10.0 million, based primarily on accounts receivable.  The facility has certain financial covenants requiring the Company to maintain minimum levels of operating results and liquidity.  The agreement will terminate on October 31, 2015.  The Company will use the facility to support letters of credit and if needed, to fund a ramp in business.  Upon the establishment of the facility, SVB released the Company from a cash collateralization arrangement with respect to $1.5 million of letters of credit issued by SVB, and these outstanding letters of credit were deemed covered by the facility.