PHTN » Topics » Line of Credit

These excerpts taken from the PHTN 10-K filed Jan 24, 2008.
Line of Credit
 
In March 2000, the Company entered into a bank line of credit (“line of credit”) which had an initial term of one year. The Company had renegotiated the line of credit on an annual basis and had a $4.0 million borrowing capacity on the line of credit with an interest rate of floating prime. In October, 2007, this line of credit expired and was not renewed. The line of credit was secured by substantially all of the Company’s assets and contained certain financial and other covenants. At September 30, 2007 and 2006, there were no amounts outstanding under the line of credit.
 
Line
of Credit



 



In March 2000, the Company entered into a bank line of credit
(“line of credit”) which had an initial term of one
year. The Company had renegotiated the line of credit on an
annual basis and had a $4.0 million borrowing capacity on
the line of credit with an interest rate of floating prime. In
October, 2007, this line of credit expired and was not renewed.
The line of credit was secured by substantially all of the
Company’s assets and contained certain financial and other
covenants. At September 30, 2007 and 2006, there were no
amounts outstanding under the line of credit.


 




This excerpt taken from the PHTN 10-K filed Dec 14, 2006.
Line of Credit
 
In March 2000, the Company entered into a bank line of credit (“line of credit”) which had an initial term of one year. The Company has renegotiated the line of credit on an annual basis and currently has a $4.0 million borrowing capacity on the line of credit with an interest rate of floating prime. In October, 2006, the Company renewed its line of credit with its bank, with terms substantially the same as the original and extended through October, 2007. The line of credit is secured by substantially all of the Company’s assets and contains certain financial and other covenants. At September 30, 2006 and 2005, there were no amounts outstanding under the line of credit.
 
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