XML 28 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 7. Line of Credit
3 Months Ended
Mar. 31, 2013
Notes to Financial Statements  
Line of Credit

On November 5, 2012, the Company renewed their working capital line of credit (the “Line of Credit”), and increased the amount available from $450,000 to $500,000.  The Line of Credit has an interest rate equal to the 30 day LIBOR rate plus 4.5%, and therefore was 4.7% at March 31, 2013.  The Line of Credit has a twelve month term and is renewable annually.  During the year ended December 31, 2012, the Company borrowed $275,000 under the Line of Credit as part of the purchase of the customer list from SECCS, and repaid $125,000 during the year.  The Company also repaid $75,000 during the three-month period ended March 31, 2013. Therefore, the amount owed on the Line of Credit as of March 31, 2013 was $75,000.