The Line of Credit should have been noted as being in Default.
jmo
"On March 4, 2008, the Company established another $300,000 revolving line of credit with Frost Bank that matures on March 4, 2009. The interest rate on the outstanding balance of the revolving line of credit is a floating prime plus 1% and is due on the 13th of each month.
The principal balance owing by the Company at March 31, 2009 was $300,000 and accrued interest payable was $-0-. The Company had no available funds on the revolving line of credit at March 31, 2009."
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