SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2014

SUBSEQUENT EVENTS [Abstract]

SUBSEQUENT EVENTS

(9) SUBSEQUENT EVENTS

Effective August 1, 2014, the Company consolidated the dental services of one of its Offices into another Office and subsequently closed this Office. 

In August 2014, the Company  leased space for an additional de novo Office, which is located in Commerce City, Colorado and will open in 2015.  The Company anticipates it will require approximately $550,000 in capital expenditures to fully equip this de novo Office.

As further discussed in Note 6 – Line of Credit, on August 8, 2014, the Company entered into a second amendment (the “Second Amendment”) to its Credit Facility with Compass Bank.  The Second Amendment amends the Credit Facility by (i) revising the definition of Adjusted EBITDA to exclude certain one-time charges to be incurred by the Company during the third quarter of 2014 and (ii) revising the debt-to-EBITDA ratio covenant requirements.  In addition, in the Second Amendment, Compass Bank waived the Company’s violation of the debt-to-EBITDA ratio covenant as of June 30, 2014.