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Short-Term Loans (Narrative) (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Short-term loans $ 3,158,587 $ 2,994,999
STL Loan 1
   
Short-term Debt, Lender

M&T Bank

 

 

 
Short-term Debt, Terms

At December 31, 2012, the short term loan balance of $2,994,999 reflected the amount drawn against a line of credit for up to $3.0 million issued jointly to the Company and Portables by M&T Bank. The line was collateralized by real property, a certificate of deposit, and guarantees of Portables Unlimited, Inc. (the 49.9% owner of Portables). The interest rate was 1 month LIBOR plus 3.00%. The maturity date of the line of credit is March 26, 2015. In February of 2013, the line of credit was refinanced to a maximum borrowing amount of $2.5 million. At December 31, 2013 the Company accrued an amount due on the credit for $2.5 million. On May 20, 2014, the Company was released by M&T Bank as co-borrower for the line of credit. The Company will recognize a gain in the second quarter of 2014 for $2.5 million reflecting the release.

 

 

 

 
Short-term loans 2,500,000 2,994,999
STL Loan 2
   
Short-term Debt, Lender

M&T Bank

 

 

 
Short-term Debt, Terms

In February of 2013 the Company and Portables jointly entered into a term loan with M&T Bank for $2,500,000 million that matures in February of 2017. The balance of the note fully amortizes via monthly principal and interest payments up through the maturity of the note. The note carries an interest of 1 month LIBOR plus 3.50%. At December 31, 2013, Portables had repaid $489,310 in principal; the outstanding balance of the note was $2,010,690. The Company accounted for the outstanding balance of $2,010,690 with $658,587 as short term, and the remainder of $1,352,103 as long term. On May 20, 2014, the Company was released by M&T Bank as co-borrower for the term note. The Company will recognize a gain in the second quarter of 2014 for $2,010,690 million reflecting the release.

 

 

 
Short-term loans $ 658,587 $ 0