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Revolving Credit Facility
9 Months Ended
Sep. 30, 2014
Debt Disclosure [Abstract]  
Revolving Credit Facility

8. Revolving Credit Facility

In September 2010, the Company entered into a revolving credit facility with a financial institution. The agreement, as amended, provides for a maximum borrowing capacity of up to $6.0 million as of September 30, 2014. As of September 30, 2014 and December 31, 2013, there was no balance outstanding on the credit facility.

The credit facility expires on May 1, 2015, is secured by the assets of the Company, and contains a restrictive covenant that requires the Company to maintain a minimum cash and cash equivalents balance of $3.0 million. The terms of this agreement requires payment of an unused line fee of 0.25% per quarter of the unused portion and bears interest at LIBOR plus 2.75%. As of September 30, 2014 and December 31, 2013, the Company was compliant with the amended covenant of the credit facility.