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EXCEL - IDEA: XBRL DOCUMENT - JONES SODA COFinancial_Report.xls
10-Q - JONES SODA COjsda630201210-q.htm
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EX-31.2 - EX 31.2 - JONES SODA COjsda10q6302012ex312.htm
EX-32.1 - EX 32.1 - JONES SODA COjsda10q6302012ex321.htm
EX-31.1 - EX 31.1 - JONES SODA COjsda10q6302012ex311.htm
EX-10.1 - EMPLOYEMENT AGREEMENT - JONES SODA COemploymentletteragreement-.htm
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v2.4.0.6
Line of Credit
6 Months Ended
Jun. 30, 2012
Line of Credit [Abstract]  
Line of Credit
Line of Credit
In December 2011, we entered into a secured Credit Facility with Access Business Finance LLC (Access), pursuant to which we, through two of our wholly owned subsidiaries, Jones Soda (Canada) Inc. and Jones Soda Co. (USA) Inc., may borrow a maximum aggregate amount of up to $2.0 million, subject to the satisfaction of certain conditions.
Under this Credit Facility, we may periodically request advances for up to 75% of our eligible accounts receivable. The interest rate on the Credit Facility is the prime rate plus 2%, but not less than 5.25% per annum, with a minimum facility payment of $5,000 per month. The Credit Facility has an initial one-year term, which will be automatically extended unless either party gives notice of non-renewal. The Credit Facility is guaranteed by us and is secured by a first priority security interest in all of our assets. The Credit Facility contains customary representations and warranties as well as affirmative and negative covenants. We were in compliance with all debt covenants as of June 30, 2012.
As of June 30, 2012, we had approximately $1.2 million available for borrowing under this Credit Facility based on eligible accounts receivable. We did not draw on the Credit Facility during the quarter ended June 30, 2012. Upon our initial borrowing on the facility, we will be required to issue Access a warrant to purchase $50,000 in shares of our common stock with an exercise price equal to the 20 days trailing average closing price from the date of the initial borrowing.