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OTHER ISSUES
6 Months Ended
Jun. 30, 2013
Other Issues [Abstract]  
Other Issues [Text Block]
NOTE 5            OTHER ISSUES
 
On June 20, 2013, Paradise, Inc. renewed its revolving line of credit with a financial institution for a two year period maturing on June 23, 2015.  Paradise, Inc.’s revolving line of credit has a maximum limit of $12,000,000 with a borrowing base 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 the assets of the Company and the 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 without bank approval.  Interest is payable monthly at the bank’s LIBOR rate plus 1.75%.
 
During 2012, the Company filed a settlement claim against BP Exploration & Production, Inc. and BP America Production Company (“BP”).  The claim is subject to review by a claims board as well as a protest period by BP.  An amount has not been recorded in the Company’s consolidated financial statements due to the inherent uncertainty in the claims process.