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DEBT
6 Months Ended
Dec. 31, 2011
CREDIT FACILITY [Abstract]  
Debt Disclosure [Text Block]
NOTE 9 — DEBT
In August 2011, the Company entered into a Loan and Security Agreement, or Credit Facility, which allows for revolving cash borrowings up to $8.0 million. The proceeds of the Credit Facility may be used to fund the Company's working capital and to fund its general business requirements. The obligations under the Credit Facility are secured by all assets of the Company. Borrowings under the Credit Facility bear interest at the Prime Rate (as defined in the Credit Facility) plus a margin of either 1.00% or 1.25%, depending on the Company's liquidity coverage ratio. The Company is also obligated to pay other customary facility fees and arrangement fees for a credit facility of this size and type.
The Credit Facility requires the Company to comply with a liquidity coverage ratio and contains customary covenants, including covenants that limit or restrict the Company's and its subsidiaries' ability to incur liens and indebtedness, make certain types of payments, merge or consolidate, and make dispositions of assets. The Credit Facility specifies customary events of default (some of which are subject to applicable grace or cure periods), including, among other things, non-payment defaults, covenant defaults, cross-defaults to other material indebtedness, bankruptcy and insolvency defaults, and material judgment defaults. Upon the occurrence of an event of default under the Credit Facility, the lender may cease making loans, terminate the Credit Facility, and declare all amounts outstanding to be immediately due and deduct such amounts from the Company’s lockbox account on deposit with the Bank. At December 31, 2011, the Company was in compliance with all covenants of the Credit Facility