Wednesday, May 21, 2014 4:05:11 PM
bankruptcy and insolvency events, subject to grace periods in certain instances. Upon an event of default, the Bank may declare all of the
outstanding obligations of the Company under the Line of Credit and Loan Documents to be immediately due and payable, and exercise any
other rights provided for under the Loan Documents.
The balance due on the Line of Credit was $4,000,000 and $3,000,000 at March 31, 2014 and June 30, 2013, respectively. At March 31, 2014,
$1,000,000 was available. In April 2014, the Company borrowed the remaining available credit of $1,000,000 under the existing agreement
with the Bank (Note 10). During the March 31, 2014 quarter, the Company obtained a waiver from the Bank for failure to satisfy one Monthly
Liquidity covenant and one Adjusted EBITDA covenant.
The early bird gets the worm................
But it's the second mouse that gets the cheese...........
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