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Notes Payable | 9 Months Ended
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Sep. 30, 2014
Debt Disclosure [Abstract] |
Notes Payable | Notes Payable The following table summarizes our notes payable balances as of September 30, 2014 and December 31, 2013:
|  | September 30, 2014 |  | December 31, 2013
Term note payable - 4.25 percent at September 30, 2014 (prime plus 1 percent), due September 10, 2017. |  | $ | 2,000,000 |  |  | $ | 2,888,888 |
Revolving credit line - 3.75 percent at September 30, 2014 (prime plus .5 percent), due September 29, 2016. |  | 2,493,275 |  |  | 3,254,745 |
Total |  | 4,493,275 |  |  | 6,143,633 |
Less: current portion |  | (1,659,942 | ) |  | (2,548,333 | )
Term note payable and revolving credit line - long term portion |  | $ | 2,833,333 |  |  | $ | 3,595,300 |
Principal Payments: Principal payments under the term note payable are due as follows as of September 30, 2014:
2014 | $ | 166,667 |
2015 | 666,667 |
2016 | 666,667 |
2017 | 499,999 |
Total | $ | 2,000,000 |
On March 1, 2012 we entered into a Business Financing Agreement with Bridge Bank. The agreement provided us with a $5 million term loan and access to a revolving credit line of up to $10 million which we use to help satisfy our working capital needs. We have provided Bridge Bank with a first priority perfected security interest in all of our accounts and personal property as collateral for the credit facility. Available funds under the revolving credit line are 80% of eligible accounts receivable balances plus $1 million, up to a limit of $10 million. Eligible accounts receivable is generally defined as those from United States based customers that are not more than 90 days from the date of invoice. We had approximately $2,367,661 available under the revolving credit line as of September 30, 2014. At December 31, 2013 and July 31, 2014, the Company was not in compliance with certain financial covenants. Bridge Bank provided a waiver of those covenants. As of September 30, 2014, we were in compliance with all Bridge Bank requirements. In September 2014, the Company entered into the Fifth Business Financing Modification Agreement with Bridge Bank that renewed the existing Agreement and modified some terms. The renewed agreement extended the revolving line of credit to September 2016 and provided for a new term loan of $2 million through September 2017. The financial covenants were revised to a Debt Service Coverage Ratio of at least 1.50 to 1.0 tested on the immediate proceeding three month period beginning August 2014 measuring period, and not less than 1.75 to 1.00 for each monthly measuring period thereafter; and an Asset Coverage Ratio of not less than 1.15 to 1.0 for the August 2014 through December 2014 measuring periods, and not less than 1.25 to 1.0 for each monthly measuring period thereafter.

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