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Factoring Agreement and Short Term Loans | 3 Months Ended
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Sep. 30, 2013
Factoring Agreement and Short Term Loans [Abstract] |
FACTORING AGREEMENT AND SHORT TERM LOANS | NOTE 4. FACTORING AGREEMENTS AND SHORT - TERM LOANS Factoring Agreements Effective as of November 21, 2012, each of BLBK and BLB entered into a one-year Factoring Agreement (the “Factoring Agreements”) and Supply Agreement (the “Supply Agreements”) with Star Funding, Inc. Under the terms of the Factoring Agreements, the Company sells most of its trade receivables to the factor without recourse as to credit risk but with recourse for any claims by customers for adjustments in the normal course of business. The Company is able to borrow up to 80% of its factored receivables. Under the terms of the Supply Agreements, the Company is able to finance the purchases of its inventory. For the three months ended September 30, 2013 and September 30, 2012, interest and commissions totalled approximately $26,995 and $0, respectively, under the Factoring Agreements and Supply Agreements. Balances due from factor include outstanding accounts receivables from customers net of allowances for discounts and chargebacks, advances and interest due to factor. The Factoring Agreements and Supply Agreements limit the Company’s ability to: (i) incur additional debt, (ii) pay dividends or make distributions to its stockholders, (iii) incur liens that would rank senior in priority to, or pari passu with, the obligations under the Company’s the Factoring Agreements and Supply Agreements, (iv) sell certain assets, and (v) sell or otherwise dispose of any assets or rights of the Company or any of its subsidiaries, subject to certain exceptions. Substantially all of the Company’s assets are collateralized against the Factoring Agreements and Supply Agreements. The Company is continuing to operate under the existing Factoring Agreements and Supply Agreements until their renewal or cancellation. The Company’s current factoring agreement expires on November 21, 2013, and it may not be able to renew the factoring agreement or renew it on similar or more favorable terms.
Outstanding Factored Receivables |  | $ | 899,415 |
Less: |  |  |  |
Advances and Deductions |  |  | (403,379 | )
Unapplied Customer Credits |  |  | 0 |
Due from Factor, Net |  | $ | 496,036 |
Short - Term Loans During the three months ended September 30, 2012, the Company issued secured bridge loan promissory notes totalling in the aggregate $300,000 bearing interest at a rate of 10% per annum. The promissory notes were issued in two installments:
| · | September 7, 2012 - $150,000, due by December 7, 2012
| · | September 25, 2012 - $150,000, due by December 25, 2012
As of March 28, 2013, the Company had re-paid the principal and accrued interest on all of the bridge loan promissory notes.

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- Definition The entire disclosure for short-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 16 -Article 7 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.16) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 13 -Article 9 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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