Financing Arrangements	3 Months Ended
Financing Arrangements	Mar. 31, 2014
Financing Arrangements
Financing Arrangements	Note 10. Financing Arrangements Term Loan The Company has a Business Loan Agreement dated July 5, 2013 with Northern Bank & Trust Company which provides for a three year term loan of $15.0 million secured by the Company’s real estate in Beverly, Massachusetts. The loan bears interest at 5.5% per annum, with payments of principal beginning August 5, 2014. Interest is payable monthly. All outstanding principal and interest on the term loan is due and payable on July 5, 2016. The Company’s financial results for the quarter ended March 31, 2014 caused the Company not to meet the Debt Service Ratio covenant in the Business Loan Agreement, which covenant was waived by Northern Bank & Trust Company. In addition, the parties have entered into a letter agreement as of May 2, 2014, which amended the Debt Service Ratio covenant to defer its effectiveness until September 30, 2014. The Company was in compliance with all other covenants associated with the term loan during the first quarter of 2014. Credit Facility The Company has a revolving credit facility with Silicon Valley Bank dated October 31, 2013. Under this revolving credit facility, the Company has the ability to borrow up to $10.0 million on a revolving basis during its two year term. The Company’s ability to borrow under this line of credit is limited to 80% of the then current amount of qualified accounts receivable. At March 31, 2014, the Company’s available borrowing capacity under the revolving credit facility was $8.9 million. There were no borrowings against this facility during the three months ended March 31, 2014. The Company was in compliance with all covenants associated with the credit facility during the first quarter of 2014.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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