Quarterly report pursuant to Section 13 or 15(d)

Revolving Credit Line

v3.3.1.900
Revolving Credit Line
6 Months Ended
Dec. 31, 2015
Revolving Credit Line [Abstract]  
Revolving Credit Line

Note (4) - Revolving Credit Line: The Company has a revolving line of credit facility pursuant to which the Company may borrow up to $2,250,000. Borrowings under the credit facility bear interest at 2.50% per annum above the Adjusted LIBOR Market Index Rate. Effective November 1, 2015, the credit facility and the maturity date for borrowings under the credit facility were extended from November 1, 2015 to November 1, 2016. The Company's obligations under the credit facility are guaranteed by the Company's subsidiaries and collateralized by substantially all of the assets of the Company and its subsidiaries. No amounts were outstanding under this facility at December 31, 2015 or June 30, 2015, nor were there any amounts outstanding at any time during fiscal 2015 or the first six months of fiscal 2016. The loan agreement requires maintenance of certain fixed charge coverage and leverage ratios and contains 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, 2015 and June 30, 2015.