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Revolving Credit Facility (Line of Credit [Member])
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12 Months Ended |
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Dec. 31, 2013
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Line of Credit [Member]
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| Short-term Debt [Line Items] | |
| Revolving Credit Facility ,Loan Payable and Convertible debt |
Note 7 - Revolving Credit Facility
On January 31, 2008 the Company entered into a revolving credit line with a bank. The credit facility provides for $100,000 at prime plus .5%, 3.75% at December 31, 2013, and is secured by all assets of the Company and personally guaranteed by the Company’s principal shareholder. As of December 31, 2013, the Company owed $100,292 under this agreement.
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- Definition
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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