Note 13 - Covenants Compliance

9 Months Ended

Sep. 30, 2013

Covenants And Events Of Default [Abstract]

Covenants And Events Of Default [Text Block]

13.	Covenant 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 the end of the second quarter, the Company was not in compliance with the leverage ratio financial covenant. On August 8, 2013, the Company 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. During the third quarter of 2013, the Company was in compliance with all of its financial covenants, and the Company believes that it will be able to maintain compliance with all covenants under the Amended Credit Agreement through at least September 30, 2014.