SHORT-TERM DEBT

12 Months Ended

Dec. 31, 2012

Debt Disclosure [Abstract]

Short-term Debt [Text Block]

NOTE 4: SHORT-TERM DEBT

	2012		2011
Letters of credit and other short-term debt under a revolving line of credit with a bank.	$	515,866	$	313,246
TOTAL	$	515,866	$	313,246

The Company has a revolving loan agreement with a financial institution with a maximum limit of $12,000,000 and a borrowing limit of 80% of the Company’s eligible receivables plus the lessor of $6,000,000 or 50% of the Company’s eligible inventory from January through May of each year and 60% of eligible inventory from June to December of each year. This agreement is secured by all of the assets of the Company and matures on June 30, 2013. Interest is payable monthly at the bank’s LIBOR rate plus 1.9% or a floor rate of 3%, whichever is greater (3% at December 31, 2012 and 2011).

This agreement requires that certain conditions are met for the Company to continue borrowing, including debt service coverage and debt to equity ratios and other financial covenants including an agreement not to encumber a mortgage on the property and improvement without bank approval. The Company was in compliance with these covenants at December 31, 2012 and 2011.