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Tuesday, June 16, 2009 8:45:25 AM
So, we move on:
In June 2006, we entered into a $10 million, three-year, asset-based revolving credit facility with a financial institution to be used for working capital purposes. Under this line, we may borrow 85% of eligible accounts receivable and 30% of eligible inventory, as defined under the agreement. Interest on the line will accrue at 1.5% above the prime rate. The facility is secured by a first security interest in our assets. Also, in June 2006, we entered into a secured purchase order financing facility with another financial institution. The amount we are able to borrow under these facilities will depend on our outstanding eligible accounts receivable, inventory and eligible purchase orders, respectively. On January 31, 2007, $1,433,296 and $503,860 was outstanding on our revolving credit and purchase order facilities, respectively.
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