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Loan Agreement | 12 Months Ended
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Dec. 31, 2017
Debt Disclosure [Abstract] |
Revolving Line of Credit | Loan Agreements Lawson Loan Agreement In 2012, the Company entered into a Loan and Security Agreement (“Loan Agreement”) with CIBC Bank USA, formerly known as The PrivateBank and Trust Company. The Loan Agreement consists of a $40.0 million revolving line of credit facility, which includes a $10.0 million sub-facility for letters of credit. Certain terms of the original Loan Agreement were revised in December 2013 and in September 2016. The Loan Agreement, as amended, expires in August 2020. Due to the lock box arrangement and a subjective acceleration clause contained in the Loan Agreement, any outstanding borrowings under the revolving line of credit are classified as a current liability. Credit available under the Loan Agreement is based upon:
a) | 85% of the face amount of the Company’s eligible accounts receivable, generally less than 60 days past due, and
b) | the lesser of 60% of the lower of cost or market value of the Company’s eligible inventory, generally inventory expected to be sold within 18 months, or $20.0 million.
The applicable interest rates for borrowings are the Prime rate or, if the Company elects, the LIBOR rate plus 1.50% to 1.85% based on the Company’s debt to EBITDA ratio, as defined in the amended Loan Agreement. The Loan Agreement is secured by a first priority perfected security interest in substantially all existing assets of the Company. Dividends are restricted so as not to exceed $7.0 million annually. At December 31, 2018, the Company had $9.0 million outstanding balance under its revolving line of credit facility and additional borrowing availability of $27.7 million. The carrying amount of the Company’s debt at December 31, 2018 approximates its fair value. The Company paid interest of $1.0 million and $0.6 million in 2018 and 2017 respectively. The weighted average interest rate was 3.9% in 2018. The Company had $1.5 million of outstanding letters of credit as of December 31, 2018. In addition to other customary representations, warranties and covenants, and if the excess capacity is below $10.0 million, the Company is required to meet a minimum trailing twelve month EBITDA to fixed charges ratio, as defined in the amended Loan Agreement. On December 31, 2018, the Company's borrowing capacity exceeded $10.0 million, therefore, the Company was not subject to these financial covenants. For informational purposes, the results of the financial covenant is provided below:
Quarterly Financial Covenants |  | Requirement |  | Actual
EBITDA to fixed charges ratio |  | 1.10 : 1.00 |  | 3.46 : 1.00
The Company was in compliance with all covenants as of December 31, 2018. Commitment Letter Bolt has a Commitment Letter with BMO Bank of Montreal ("BMO") dated March 30, 2017 which allows Bolt to access up to $5.5 million Canadian dollars in the form of either an overdraft facility or as commercial letters of credit. The Commitment Letter is cancellable at any time at BMOs sole discretion and is secured by substantially all of Bolt’s assets. It carries an interest rate of the bank's prime rate plus 0.25%. At December 31, 2018, Bolt had $2.4 million Canadian dollars of outstanding borrowings and remaining borrowing availability of $3.1 million Canadian dollars. The Commitment Letter is subject to a working capital ratio of 1.35:1, a maximum ratio of debt to tangible net worth of 2.5:1 of the Bolt assets and Debt Service Coverage Ratio 1.25:1 as defined in the Commitment Letter. At December 31, 2018, Bolt was in compliance with all covenants which are subject to periodic review, at least annually, with the next review due by August 31, 2019.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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