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EXCEL - IDEA: XBRL DOCUMENT - FORTUNE INDUSTRIES, INC.Financial_Report.xls
10-Q - FORM 10-Q - FORTUNE INDUSTRIES, INC.v312854_10q.htm
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EX-31.2 - EXHIBIT 31.2 - FORTUNE INDUSTRIES, INC.v312854_ex31-2.htm
EX-32.1 - EXHIBIT 32.1 - FORTUNE INDUSTRIES, INC.v312854_ex32-1.htm
EX-31.1 - EXHIBIT 31.1 - FORTUNE INDUSTRIES, INC.v312854_ex31-1.htm
EX-32.2 - EXHIBIT 32.2 - FORTUNE INDUSTRIES, INC.v312854_ex32-2.htm
v2.4.0.6
DEBT ARRANGEMENTS
9 Months Ended
Mar. 31, 2012
DEBT ARRANGEMENTS

NOTE 2 - DEBT ARRANGEMENTS

 

Term Note

 

In May 2010, the Company entered into a $1.0 million term note with a bank. The term loan matured and was paid in full on April 30, 2012 and bore interest at the fixed rate of 4.5%. The note is amortized equally over a 24 month period and therefore requires monthly principal payments of $42. The note is collateralized by substantially all the assets of the Company and is personally guaranteed by the Company’s chairman and majority shareholder. The loan requires the Company to maintain a minimum cash flow coverage ratio of 1.2 to 1.0 and a minimum current ratio of 1.0 at June 30, 2010, escalating to 1.15 and 1.20 at December 31, 2010 and June 30, 2011, respectively.