Note 13 - Covenants Compliance

6 Months Ended

Jun. 30, 2013

Covenants And Events Of Default [Abstract]

Covenants And Events Of Default [Text Block]

13.	Covenants Compliance

The Company’s Credit Facility is subject to compliance with certain covenants, including financial covenants at quarter-end relating to leverage, tangible net worth, and asset coverage. The Credit Facility contains restrictions on the Company’s ability to:

·	Make distributions or pay dividends;

·	Incur liens and encumbrances;

·	Incur further indebtedness;

·	Guarantee obligations;

·	Dispose of a material portion of assets or merge with a third party; and

·	Make investments in securities.

At June 30, 2013, the Company was not in compliance with the leverage ratio financial covenant but on August 8, 2013 the Company has obtained a Waiver and Third Amendment to Credit Agreement (“the Amended Credit Agreement”) with its lender which waived the noncompliance with the leverage ratio financial covenant as of June 30, 2013 and provided a less restrictive leverage ratio covenant requirement through March 31, 2014. In addition, the waiver amended the existing borrowing interest fee schedule and increased borrowing rates by 100 basis points effective June 30, 2013. The Company believes that it will be able to maintain compliance with all covenants under the Amended Credit Agreement through at least June 30, 2014.