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Notes Payable

12 Months Ended

Dec. 31, 2015

Notes to Financial Statements

Note 8 - Notes Payable

Notes payable consist of the following:

		December 31,
		2015				2014
Variable rate bank notes due May 31, 2018. Principal and interest payable monthly with a balloon payment due at maturity.		$	3,846			$	4,352
Variable rate bank notes due May 31, 2019. Principal and interest payable monthly with a balloon payment due at maturity.			4,113				4,584
5.99% secured equipment notes fully paid and extinguished July, 2015			-				12
6.65% secured equipment notes fully paid and extinguished July, 2015			-				49
Total notes payable			7,959				8,997
Less current maturities			840				872
Total long-term portion		$	7,119			$	8,125

The variable rate bank notes are subject to interest at the prime rate or at the LIBOR rate plus 2.5% and are collateralized by substantially all of the assets of the Company. In addition, under the terms of the related agreements, the Company is subject to minimum fixed charged ratio and tangible net worth thresholds, which among other things may limit the Company’s ability to pay dividends or repurchase shares of its common stock. The Company was in compliance with these financial covenants at December 31, 2015. Further, under the agreements the Company is required to deliver its annual and quarterly financial statements and related SEC filings within specified time frames.

In addition, the Company has a $5 million revolving credit facility. Borrowings under the facility are subject to interest at the prime rate or LIBOR plus 2.5%. As of December 31, 2015 there were no borrowings under the facility. Unless renewed the facility expires in May 2016.

Future maturities of notes payables are as follows:

For the year ending December 31,
2016		$	840
2017			840
2018			3,166
2019			3,113
Total		$	7,959

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- References

No definition available.

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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 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19,20,22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 19, 20, 22
-Article 5

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