BANK DEBT

3 Months Ended

Sep. 30, 2013

Debt Disclosure [Abstract]

BANK DEBT

NOTE 5. BANK DEBT

In February 2011, we entered into a credit facility agreement with Union Bank, N.A. that provided for the following:

• A revolving credit line of up to $1.5 million in borrowing availability, under which no amounts were borrowed;

• A non-revolving credit line of up to $350,000 in borrowing availability for the purchase of equipment, which expired unused on February 4, 2012; and

• A term loan of $1.25 million, the outstanding balance of which, amounting to $685,000, was repaid in full on September 24, 2012, as discussed further below.

On August 30, 2012, we notified the bank of our intent to terminate the credit facility agreements and on September 24, 2012, we repaid the entire principal balance of the term loan, amounting to $685,000, and the credit facility agreements were terminated.

As a result of the foregoing, we no longer have a credit facility with a financial institution.