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Debt and Shareholders Equity
6 Months Ended
Jun. 30, 2011
Debt and Shareholders Equity

Note 4 —Debt and Shareholders Equity

 

The Company’s revolving loan agreement, as amended, provides for borrowings up to $20 million, with all principal amounts outstanding thereunder required to be repaid in a single amount on March 31, 2013. In addition, the Company’s revolving loan agreement requires monthly interest payments.  As of June 30, 2011 and December 31, 2010, the Company had outstanding borrowings of $18,601,000 and $13,522,000, respectively, under the revolving loan agreement.

 

During the three and six months ended June 30, 2011, the Company issued 13,000 and 42,250 shares of common stock upon the exercise of outstanding stock options and received total proceeds of  $41,100 and $145,925, respectively.