- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References+ Details

Line of Credit (Details Narrative) (USD $)	1 Months Ended	6 Months Ended
Line of Credit (Details Narrative) (USD $)	Jan. 31, 2014	Jul. 31, 2014	Jun. 30, 2013	Jul. 31, 2014 Secured Demand Credit Facility Backed By Receivables and Inventory [Member]	Jan. 03, 2014 Secured Demand Credit Facility Backed By Receivables and Inventory [Member]
Secured demand credit facility backed by its receivables and inventory					$ 1,500,000
Purchased eligible accounts receivables, percentage				70.00%
Percentage of reserve on purchased eligible accounts receivables				30.00%
Interest rate on advances or borrowings under the FGI Facility				The greater of (i) 6.75% per annum and (ii) 2.50% above the prime rate.
Collateral management fees, percentage of average monthly balance of Purchased Accounts				0.42%
Minimum monthly net funds employed during each contract year				500,000
One-time facility fee, percentage of credit facility upon entry into Sale and Security Agreement				1.00%
Additional fees and accrued interest paid	$ 8,640	$ 43,344	$ 3,775	$ 48,600