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Revolving Credit Line
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6 Months Ended |
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Dec. 31, 2013
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| Revolving Credit Line | |
| Revolving Credit Line |
Note (4) - Revolving Credit Line: Effective November 1, 2013, the Company’s existing $2,250,000 revolving line of credit facility was extended to November 1, 2014. The Company’s obligations under the credit facility are guaranteed by the Company’s subsidiaries and collateralized by substantially all of the Company’s assets. No amounts were outstanding under this facility at December 31, 2013 or June 30, 2013, nor were there any amounts outstanding at any time during fiscal 2013 or the first six months of fiscal 2014. The loan agreement requires maintenance of certain debt service coverage and leverage ratios and contained other restrictive covenants, including limitations on the extent to which the Company and its subsidiaries could incur additional indebtedness, pay dividends, guarantee indebtedness of others, grant liens, sell assets and make investments. The Company was in compliance with these covenants at December 31, 2013 and June 30, 2013. |