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Line of Credit
12 Months Ended
Mar. 31, 2013
Line of Credit  
Line of Credit

 

Note 5 Line of Credit

 

On March 22, 2011, the Company renewed the agreement with First Hawaiian Bank for a Line of Credit in the amount of $350,000 with a maturity date of April 1, 2012. The obligation is secured by the Company’s U.S. accounts receivable and bears a variable interest rate based on prime plus 2%. There was no outstanding balance as of March 31,2012. The weighted average interest rate was 5.25% for the years ending.  The credit agreement required the Company to meet certain financial covenants. The Company was in compliance with these financial covenants at March 31, 2012. The line of credit was not renewed upon expiration April 1, 2012.