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EXCEL - IDEA: XBRL DOCUMENT - VERAMARK TECHNOLOGIES INCFinancial_Report.xls
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v2.4.0.6
Term Note Agreement
9 Months Ended
Sep. 30, 2012
Revolving Demand Note Agreement/Term Note Agreement [Abstract]  
TERM NOTE AGREEMENT
(10) TERM NOTE AGREEMENT

On October 29, 2010, the Company entered into an agreement with Manufacturers and Traders Trust Company to provide a three year term loan in the amount of $200,000, the proceeds of which were used to purchase furnishings and fixtures for the Company’s new headquarters facility. The loan bears an interest rate of LIBOR plus 4.0%, with a minimum interest rate of 4.5%. At September 30, 2012, the remaining balance of the term loan was $72,222.