Bank Line of Credit

9 Months Ended

Mar. 31, 2013

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 April 30, 2013 and bears an interest rate of one month LIBOR plus 2.00%.  The line was extended for three months, with equivalent terms, and is now scheduled to expire on July 31, 2013.  The interest rate at March 31, 2013 and June 30, 2012 was 2.20% and 2.25%, respectively.  Availability under the line of credit is reduced by outstanding letters of credit.  As of March 31, 2013 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 March 31, 2013 and June 30, 2012, the Company was in compliance with the financial covenants under the agreement.