XML 25 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Debt
6 Months Ended
Dec. 31, 2011
Debt [Abstract]  
Debt

(6) Debt

In October 2010, we entered into a financing facility with a commercial bank providing a $7.0 million term loan note and a $3.0 million revolving credit facility. The $7.0 million term loan terminates in October 2015, and the $3.0 million revolving credit facility expires in October 2012. The term loan requires monthly payments of principal plus interest at the rate of prime plus 0.25%, but not less than 4.0%. The revolving credit facility allows multiple advances not to exceed $3.0 million, based on eligible accounts receivable, and incurs interest at the rate of prime plus 0.25%, but not less than 4.0%. The bank financing facilities are secured by the assets of ASO, including accounts receivable, and require us to comply with designated covenants. The balance of the $7.0 million term loan at December 31, 2011 was $6.6 million and there was no outstanding balance on the revolving credit facility at December 31, 2011.

The Company was in compliance with all covenants as of December 31, 2011.