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Subsequent Event
3 Months Ended
Sep. 30, 2013
Subsequent Events [Abstract]  
Subsequent Event

NOTE 12 — Subsequent Events

 

Extension of Bank Line Credit Agreements

On October 12, 2011, the Company entered into domestic and international working capital revolving credit line agreements with Silicon Valley Bank (“the Bank) with an initial expiration date of October 12, 2013. On October 12, 2013, the Company and its Bank entered into an agreement to extend the credit line agreements for a three month period ending January 10, 2014 (see “NOTE 6 — Bank Financing Arrangements” for more information).

 

Related Party Short Term Notes Payable

In October 2013, the Company raised a total of $100,000 in funds from the Company’s Chairman under a subordinated line of credit agreement previously approved by the Company’s Board of Directors. The funds raised are being used for working capital purposes (see “NOTE 5 — Related Party and Other Short Term Notes Payable” for more information).