LINE OF CREDIT

9 Months Ended

Mar. 31, 2015

Line Of Credit Facility [Abstract]

LINE OF CREDIT

4. LINE OF CREDIT

The balance due on the Line of Credit was $4,000,000 and $5,000,000 at March 31, 2015 and June 30, 2014, respectively. At March 31, 2015, $3,000,000 was available under the Line of Credit. The Company received a waiver from the Bank for its Required Minimum Liquidity covenant as of January 31, 2015. The Company was in compliance with all covenants as of March 31, 2015.

In September 2014, the Company and the Bank entered into a Ninth Amendment to the Loan and Security Agreement to change the definition of Adjusted EBITDA for the quarter ended September 30, 2014.

In April 2015, the Company and the Bank entered into a Tenth Amendment to the Loan and Security Agreement to change, among other things, the definition of Required Minimum Liquidity for the month ended February 28, 2015.