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DERIVATIVES
12 Months Ended
Dec. 31, 2019
DERIVATIVES  
DERIVATIVES

14. DERIVATIVES

On February 2, 2012, the Company entered into a master interest rate swap agreement. The Company elected not to designate the interest rate swap agreements as cash flow hedges and, therefore, gains or losses on the agreements as well as the other offsetting gains or losses on the hedged items attributable to the hedged risk are recognized in current earnings. ASC 815‑10, Derivatives and Hedging, requires derivative instruments to be measured at fair value and recorded in the statements of financial position as either assets or liabilities. The Company entered into interest rate swap agreement with Capital One Bank on June 12, 2017 to fix the variable rate portion for $8,000 of the line of credit. This interest rate swap agreement is the only one outstanding at December 31, 2019 and has a maturity of May 11, 2020. The fair value of the interest rate swap agreement at December 31, 2019 and 2018 is an asset of $3 and $80, respectively, and is included in prepaid expenses and other current assets. Included in the statements of operations for the years ended December 31, 2019 and 2018 were gains of $85 and $87, respectively, which are the result of the changes in the fair values of the interest rate swap agreement.