XML 37 R36.htm IDEA: XBRL DOCUMENT v2.4.0.8
Line of Credit and Long Term Debt (Schedule of Long-term Debt) (Details) (USD $)
Mar. 31, 2014
Dec. 31, 2013
Debt Instrument [Line Items]    
Total $ 3,459,263 $ 3,659,947
Less: current portion (949,771) (1,150,455)
Long-term debt, net of current portion 2,509,492 2,509,492
Cardinal Bank Mortgage Dated December 17, 2010 [Member]
    
Debt Instrument [Line Items]    
Total 480,433 [1] 484,532 [1]
Cardinal Bank Term Note Dated December 31, 2011 [Member]
    
Debt Instrument [Line Items]    
Total 2,312,163 [2] 2,508,748 [2]
Non-Contingent Obligation Subordinated Seller Financed Promissory Note Dated December 31, 2011 [Member]
    
Debt Instrument [Line Items]    
Total $ 666,667 [3] $ 666,667 [3]
[1] On December 17, 2010, the Company entered into a real estate purchase agreement to acquire iSYS's call center facility in Columbus, Ohio for approximately $677,000. In connection with the real estate purchase agreement the Company entered into a $528,000 ten-year mortgage with Cardinal Bank to fund the unpaid portion of the purchase price. The mortgage loan bears interest at 6.0% with monthly principal and interest payments of approximately $3,800, and matures on December 17, 2020. The mortgage loan principal and interest payments are based on a twenty-year amortization with the unpaid balance due at maturity. The mortgage loan is secured by the real estate.
[2] On December 31, 2011, the Company entered into a $4,000,000 5-year term note with Cardinal Bank ("Cardinal Bank Term Note") to fund a portion of the purchase price paid in connection with the asset purchase agreement with Avalon Global Solutions, Inc. ("AGS") dated December 30, 2011. The term note bears interest at 4.5% with monthly principal and interest payments of approximately $74,694, and matures on December 30, 2016. The term note is secured under a corporate security agreement.
[3] On December 31, 2011, the Company entered into a $1.0 million subordinated 3-year term non-contingent note ("term note") with AGS to fund a portion of the purchase price paid in connection with the asset purchase agreement with AGS dated December 30, 2011. The term note bears interest at 3.0% with estimated remaining annual principal payments of $333,333 and $333,334 payable on April 15, 2014 and 2015, respectively, and matures on April 15, 2015. The Company paid the second installment due on April 15, 2014. The term note is subordinated to the Cardinal Bank Term Note.