Subsequent Events

3 Months Ended

Mar. 31, 2015

Subsequent Events [Abstract]

Subsequent Events

10. Subsequent Events

On April 28, 2015, Premier Packaging and Citizens Bank entered in to a Modification/Extension to the Amended and Restated Revolving Line Note (the “Revolving Note”) and the Second Amended and Restated Credit Facility Agreement (collectively, the “Loan Documents”) that, among other things, (i) extended the maturity date of the Revolving Note to May 31, 2016, (ii) reduced the amount available under the Revolving Note from $1,000,000 to $800,000, (iii) amended certain covenants contained in the Loan Documents, (iv) amended certain terms and conditions of the Loan Documents, and (v) allowed Premier Packaging to distribute up to $100,000 per fiscal quarter to its parent company, Document Security Systems. In addition, on April 28, 2015, Premier Packaging entered into a term note with Citizens for $525,000, repayable over a 60-month period. The loan bears interest at 3.61% and is payable in equal monthly installments of $9,591. Premier Packaging used the proceeds of the term note to acquire a HP Indigo 7800 Digital press.