XML 29 R13.htm IDEA: XBRL DOCUMENT v3.20.4
Note 5 - Credit Facilities
12 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Debt Disclosure [Text Block]

Note 5Credit Facilities

 

The Company may borrow up to $20.0 million with interest at LIBOR plus 0.75% or at alternative rates as selected by the Company under an unsecured bank line of credit which matures in February 2023. The Company pays a non-usage fee of 0.1% per annum on the average unused portion of the line of credit. At December 31, 2020 and 2019, $19.9 million was available for borrowing after deducting $0.1 million in outstanding letters of credit.

 

The Company also has an $8.0 million unsecured bank line of credit with interest at LIBOR plus 0.75% payable monthly which matures in May 2021. At December 31, 2020 and 2019, $3.6 million was available for borrowing after deducting $4.4 million in outstanding letters of credit.

 

The Company also has a $3.0 million bank guarantee with interest at 1.75% in an agreement dated June 2016. At December 31, 2020 and 2019, $1.5 million and $1.0 million, respectively, was available for borrowing after deducting $1.5 million and $2.0 million in outstanding letters of credit, respectively.

 

The credit facilities described above contain standard restrictive covenants, including limits on additional borrowings and maintenance of certain operating and financial ratios. At December 31, 2020 and 2019, the Company was in compliance with all requirements.

 

Interest expense, which approximates interest paid, was $18,000, $1,000 and $1,000 in 2020, 2019 and 2018, respectively.