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Loan and Security Agreement (Details Textuals) (Loan Agreement, Silicon Valley Bank, USD $)
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6 Months Ended |
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Jun. 30, 2012
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Loan Agreement | Silicon Valley Bank
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| Line of Credit Facility [Line Items] | |
| Maximum access of financing under Loan and security agreement | $ 15,000,000 |
| Loan Agreement, covenant terms | Advances under the Loan Agreement cannot exceed a borrowing base limit calculated using (A) an advanced rate of 80% on the Company's eligible accounts receivable and (B) an advanced rate of 25% on the Company's eligible inventory (subject to a limit of the lesser of (a) $3 million and (b) 30% of all outstanding advances), subject to certain reserves established by SVB and other adjustments. |
| Advanced rate of accounts receivable | 80.00% |
| Advanced rate of inventory | 25.00% |
| Inventory | 3,000,000 |
| Outstanding advances | 30.00% |
| Loan agreement, interest rate description | Interest on advances of credit under the Loan Agreement for: (i) financed accounts receivables are equal to (a) SVB's prime rate, which is currently 3.25% per annum, plus 3.0% per annum or (b) if the Company maintains at all times during any month an adjusted quick ratio of 2.0 to 1.0, then SVB's prime rate plus 1.50% per annum; and (ii) financed inventory is equal to (a) SVB's prime rate plus 5.25% per annum or (b) if the Company maintains at all times during any month an adjusted quick ratio of 2.0 to 1.0, then SVB's prime rate plus 3.25% per annum. The minimum monthly interest charge is $6,000 per month. The Loan Agreement will be used by the Company to support its current working capital needs. |
| Financed accounts receivables interest rate description | Silicon Valley Bank's Prime Rate |
| Silicon Valley Bank's prime rate for accounts receivables | 3.25% |
| Addition to prime rate for accounts receivable | 3.00% |
| Maximum adjusted quick ratio for financing accounts receivable | 2.0 |
| Minimum adjusted quick ratio for financing accounts receivable | 1.0 |
| Addition to prime rate for inventory | 1.50% |
| Financed inventory interest rate description | Silicon Valley Bank's Prime Rate |
| Financed inventory SVB's prime rate | 5.25% |
| Maximum adjusted quick ratio for financing inventory | 2.0 |
| Minimum adjusted quick ratio for financing inventory | 1.0 |
| Silicon Valley Bank's accounts receivables prime rate for inventory | 3.25% |
| Minimum monthly interest charge | 6,000 |
| Maximum adjusted quick ratio for financing | 1.50 |
| Minimum adjusted quick ratio for financing | 1.0 |
| Amount subject to judgments, claims or liabilities individually or in aggregate | 150,000 |
| Early termination fee | $ 150,000 |
| Terminated prior to | Mar. 29, 2013 |
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- Definition
Represents the amount subject to judgments, claims or liabilities individually or in aggregate for the company or its subsidiaries. No definition available.
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Represents minimum amount of inventory. No definition available.
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Represents percentage of advances. No definition available.
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Represents percentage of accounts receivable. No definition available.
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Represents percentage of Inventory. No definition available.
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- Definition
An early termination fee is a charge levied when a party wants to break the term of an agreement. No definition available.
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The percentage points added to the reference rate as stated in the loan document. No definition available.
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Represents maximum quick ratio. No definition available.
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- Definition
Represents minimum quick ratio. No definition available.
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The percentage points added to the reference rate as stated in the loan agreement. No definition available.
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The reference rate for the variable rate of the loans. No definition available.
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The effective interest rate at the end of the reporting period. No definition available.
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Represents maximum quick ratio. No definition available.
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- Definition
Represents minimum quick ratio. No definition available.
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- Definition
The percentage points added to the reference rate as stated in the loan agreement . No definition available.
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Represents quick ratios higher limit. No definition available.
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Represents quick ratios lower limit. No definition available.
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- Definition
The percentage points added to the reference rate as stated in the loan agreement . No definition available.
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- Definition
The reference rate for the variable rate of the loans . No definition available.
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Represents date before which agreement can be terminated. No definition available.
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Amount of the required periodic payments applied to interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Description of the conditions for borrowing under the credit facility including the nature of any restrictions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Description of the interest rate for the amounts borrowed under the credit facility, including the terms and the method for determining the interest rate (for example, fixed or variable, LIBOR plus a percentage, increasing rate, timing of interest rate resets, remarketing provisions). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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