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NOTE J - LINE OF CREDIT
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12 Months Ended |
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Dec. 31, 2011
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| Debt Disclosure [Text Block] |
NOTE J –
LINE OF CREDIT
In
September 2008, the Company entered into a two-year line of
credit facility with Thermo Credit LLC, a third party
financial institution. The line of credit had an
aggregate principal amount of $1,000,000 and is secured by
the Company’s inventory. The outstanding
principal balance bore interest at the greater of (i) the
Wall Street Journal Prime Rate plus nine 9% per annum,
adjusted on the date of any change in such prime or base
rate, or (ii) 16%. The outstanding borrowing
under the agreement at December 31, 2010 was
$0. The Company had incurred interest expense of
$131,538 related to the line of credit for the year ended
December 31, 2010. The Company did not renew the line of
credit facility which expired in September 2010.
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