Bank Line of Credit

3 Months Ended

Sep. 30, 2012

Bank Line of Credit

Bank Line of Credit

Note 10.  Bank Line of Credit

The Company has a $3,000 line of credit from Wells Fargo Bank, N.A. (“Wells Fargo”) that was scheduled to expire on March 31, 2012.  The line of credit was renewed and extended until April 30, 2013 and bears interest of 1-month LIBOR Market Index Rate plus 2.00%.  The interest rate at September 30, 2012 and June 30, 2012 was 2.21% and 2.22%.  Availability under the line of credit is reduced by outstanding letters of credit.  As of September 30, 2012 and June 30, 2012, the Company had $3,000 and $2,995 of availability under the line of credit, respectively.  The availability fee on the unused balance of the line of credit is 0.375%.  The line of credit is collateralized by the working capital assets of the Company.  As of September 30, 2012, the Company was in compliance with the financial covenants under the agreement.