LINE OF CREDIT

6 Months Ended

Dec. 31, 2015

Line Of Credit Facility [Abstract]

LINE OF CREDIT

7. LINE OF CREDIT

On July 10, 2012, the Company entered into a Loan and Security Agreement and other ancillary documents (the “Loan Agreement”) with a commercial bank (the “Bank”), which, as amended, provides for a secured line of credit of up to $7 million, secured by substantially all of the Company’s assets, until August 17, 2017. The outstanding balance of the amounts advanced under the line of credit will bear interest at 2% above the prime rate as published in The Wall Street Journal or five percent (5%), whichever is higher.

The Loan Agreement contains customary affirmative and negative covenants, including achieving a minimum Adjusted EBITDA and minimum liquidity, and customary events of default.

The balance due on the Line of Credit was $7.0 million and $4.0 million at December 31, 2015 and June 30, 2015, respectively. At December 31, 2015, there was nothing available under the Line of Credit.

	As of or for the Six Months Ended
	December 31,
($ in thousands)	2015			2014
Balance at period-end	$	7,000		$	4,000
Maximum amount outstanding at any month end	$	7,000		$	4,000
Average balance outstanding during the period	$	4,065		$	4,143
Weighted-average interest rate:
As of the period-end		5.50	%		5.25	%
Paid during the period		5.27	%		5.25	%

	As of or for the Three Months Ended
	December 31,
($ in thousands)	2015			2014
Balance at period-end	$	7,000		$	4,000
Maximum amount outstanding at any month end	$	7,000		$	5,000
Average balance outstanding during the period	$	4,130		$	3,500
Weighted-average interest rate:
As of the period-end		5.50	%		5.25	%
Paid during the period		5.29	%		5.25	%

Interest expense on the line of credit was approximately $54 thousand and $38 thousand during each of the three months ended December 31, 2015 and 2014, respectively. Interest expense on the line of credit was approximately $108 thousand and $103 thousand during the six months ended December 31, 2015 and 2014, respectively.