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Note 7 - Line of Credit and Long-term Debt
 3 Months Ended
Mar. 31, 2017
Notes to Financial Statements  
Debt Disclosure [Text Block]
7.
 Line of Credit and Long-Term Debt
 
Debt consisted of the following (in thousands):
 
    March 31,
2017		   December 31,
2016
Equipment-based Facility   $
2,511
     $
3,532
  
Less deferred loan costs    
(602
 )    
(803
 )
     Equipment-based Facility, net    
1,909
      
2,729
  
Notes payable for transportation and construction equipment and other    
2,388
      
2,665
  
     
4,297
      
5,394
  
                 
Current maturities of long-term debt    
3,541
      
4,648
  
Less current deferred loan costs    
(602
 )    
(803
 )
     Less current maturities of long-term debt, net    
(2,939
 )    
(3,845
 )
Total long-term debt   $
1,358
     $
1,549
  
 
Equipment-based Facility
 
At
March
31,
2017,
the Company had a borrowing base of approximately
$24.4
million, which was the result of calculating
65%
of the appraised value (where appraised value equals net operating liquidated value) of the Company’s collateral. However, we had reached our revolver
$20.0
million cap, and therefore only
$20.0
million of borrowings were available at
March
31,
2017.
The Company had no amounts drawn on the revolving loan and
$2.5
million of its term loan outstanding at
March
31,
2017.
Refer to Note
12
regarding the subsequent event related to our Equipment-based Facility.
 
Fair Value
 
The Company’s debt is recorded at its carrying amount in the condensed consolidated balance sheets. The Company uses an income approach to determine the fair value of its
12%
Term Loan due
May
29,
2019
using estimated cash flows, which is a Level 
3
fair value measurement. As of
March
31,
2017
and
December
31,
2016,
the carrying values approximated the fair values and were
$2.5
million and
$3.5
million, respectively, for the Term Loan. There were no amounts outstanding on the revolving loan as of
March
31,
2017
or
December
31,
2016.
 
Notes Payable for Transportation and Construction Equipment
 
The Company has purchased and financed various transportation and construction equipment to enhance the Company’s fleet of equipment. The total long-term notes payable related to the purchase of financed equipment was
$2.4
million and
$2.7
million at
March
31,
2017
and
December
31,
2016,
respectively. The purchases have payment terms ranging from
3
to
5
years and the associated interest rates range from
3.12%
to
7.13%.
The fair value of these notes payable approximates their book value.
 
Interest Expense
 
Interest expense related to our Equipment-based Facility and other debt for the
three
months ended
March
31,
2017
and
2016
was
$0.1
million and
$0.9
million, respectively. The decrease in interest expense was due to the decreased principal amounts outstanding on the Equipment-based Facility.