XML 29 R17.htm IDEA: XBRL DOCUMENT

11. Bank Line of Credit	12 Months Ended
Dec. 31, 2015
Bank Line Of Credit
11. Bank Line of Credit	Kingstone maintained a Promissory Note pursuant to a line of credit (together, the “Trustco Agreement”) with Trustco Bank (“Lender”), which, at the option of Kingstone, was cancelled effective December 31, 2015. Under the Trustco Agreement, Kingstone was able to receive advances from Lender not to exceed an unpaid principal balance of $600,000 (the “Credit Limit”). Advances available under the Trustco Agreement were subject to interest at a floating rate based on the Lender’s prime rate, which was 3.75% at December 31, 2015. Interest only payments were due monthly. The principal balance was payable on demand, and must be reduced to zero for a minimum of thirty consecutive days during each year of the term of the Trustco Agreement. The line of credit was subject to annual renewal at the discretion of the Lender. Lender may set off any depository accounts maintained by Kingstone that were held by Lender. Payment of amounts due pursuant to the Trustco Agreement was secured by all of Kingstone’s cash and deposit accounts, receivables, inventory and fixed assets, and was guaranteed by Kingstone’s subsidiary, Payments Inc. The line of credit was used for general corporate purposes. There were no outstanding balances under the bank line of credit at any time during the years ended December 31, 2015 and 2014. There were no other fees in connection with this credit line.

11. Bank Line of Credit

12 Months Ended

Dec. 31, 2015

Kingstone maintained a Promissory Note pursuant to a line of credit (together, the “Trustco Agreement”) with Trustco Bank (“Lender”), which, at the option of Kingstone, was cancelled effective December 31, 2015. Under the Trustco Agreement, Kingstone was able to receive advances from Lender not to exceed an unpaid principal balance of $600,000 (the “Credit Limit”). Advances available under the Trustco Agreement were subject to interest at a floating rate based on the Lender’s prime rate, which was 3.75% at December 31, 2015.

Interest only payments were due monthly. The principal balance was payable on demand, and must be reduced to zero for a minimum of thirty consecutive days during each year of the term of the Trustco Agreement. The line of credit was subject to annual renewal at the discretion of the Lender. Lender may set off any depository accounts maintained by Kingstone that were held by Lender. Payment of amounts due pursuant to the Trustco Agreement was secured by all of Kingstone’s cash and deposit accounts, receivables, inventory and fixed assets, and was guaranteed by Kingstone’s subsidiary, Payments Inc.

The line of credit was used for general corporate purposes.

There were no outstanding balances under the bank line of credit at any time during the years ended December 31, 2015 and 2014. There were no other fees in connection with this credit line.