Bank Line of Credit

12 Months Ended

Jun. 30, 2013

Bank Line of Credit

Bank Line of Credit

Note 9.  Bank Line of Credit

The Company had a $3.0 million 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 expired on July 31, 2013.  The interest rate at June 30, 2013 and June 30, 2012 was 2.19% and 2.25%, respectively.  Availability under the line of credit is reduced by outstanding letters of credit.  As of June 30, 2013 and June 30, 2012, the Company had $3.0 million of availability under the line of credit.  The availability fee on the unused balance of the line of credit is 0.375%.  The line of credit was collateralized by the working capital assets of the Company.  As of June 30, 2013 and June 30, 2012, the Company was in compliance with the financial covenants under the agreement.