XML 39 R11.htm IDEA: XBRL DOCUMENT v2.4.1.9
Liquidity
3 Months Ended
Dec. 31, 2014
Cash and Cash Equivalents [Abstract]  
Liquidity
Liquidity 

At December 31, 2014, the Company had cash and cash equivalents of approximately $3.8 million, net working capital of approximately $1.1 million, and an accumulated deficit of approximately $(62.1) million. For the three months ended December 31, 2014, the Company realized operating income of approximately $259 thousand and net income of approximately $134 thousand, as compared to operating income and net income of $66 thousand and $133 thousand respectively for the three months ended December 31, 2013.
 
The Company has a credit facility with a lending institution which provides a maximum amount of $6 million and includes a maximum amount available under the unbilled facility of $1 million. The current term of the credit facility expires on July 29, 2015 and thereafter shall automatically renew on each anniversary date thereof for subsequent twelve month terms unless terminated by either party. Presently, the maximum availability under this loan facility is $3 million, subject to eligible accounts receivable, excluding retroactive billings.  The interest rate on the Accounts Receivable portion of the loan was 4.0% at December 31, 2014, and September 30, 2014.  The interest rate on the Unbilled Accounts portion was 4.0% at December 31, 2014, and September 30, 2014. At December 31, 2014, our unused loan availability was approximately $2.6 million, comprised of a $1.4 million letter of credit reserve and $1.2 million of unused loan capacity. DLH required no borrowing on the credit facility during first quarter ended December 31, 2014.

Management believes, at present, that: (a) cash and cash equivalents of approximately $3.8 million as of December 31, 2014; (b) the amount available under its line of credit (which is limited to the amount of eligible assets); and (c) planned operating cash flow should be sufficient to support the Company's operations for twelve months from the date of these financial statements.