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LINE OF CREDIT
12 Months Ended
Dec. 31, 2012
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]

Note 7 – Line of Credit

 

The Company has a $9,000,000 renewable line of credit with a bank that is secured by a certificate of deposit. The line of credit has been in place since June 2004 and has a maturity date of August 1, 2014. Borrowing under the line of credit is subject to interest expense at a rate equal to the bank’s prime rate minus 0.5 percentage point, or alternatively at the Company’s discretion, the LIBOR rate plus 1.0 percentage point. The weighted average interest rate on money borrowed against the line of credit during 2012 was 1.28%. The Company is in compliance with all debt covenants required. As of December 31, 2012 and 2011, there was $8,550,000 and $7,850,000 borrowed against the line of credit, respectively.