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Note 5 - Credit Facilities
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Debt Disclosure [Text Block]

Note 5 – Credit Facilities

 

The Company may borrow up to $20.0 million with interest at the Adjusted Term SOFR Rate under an unsecured bank line of credit which matures in February 2024. 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, 2021 and 2020, $19.9 million was available for borrowing after deducting $0.1 million in outstanding letters of credit.

 

The Company also has a $6.5 million unsecured bank line of credit with interest at LIBOR plus 1.50% payable monthly which matures in May 2024. At December 31, 2021 and 2020, $2.0 million and $3.1million, respectively, was available for borrowing after deducting $4.5 million and $4.9 million, respectively, 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, 2021 and 2020, $1.2 million and $1.5 million, respectively, was available for borrowing after deducting $1.8 million and $1.5 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, 2021 and 2020, the Company was in compliance with all requirements.

 

Interest expense, was less than $0.1 million in each period presented.