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LONG-TERM DEBT AND REVOLVING CREDIT FACILITY | 12 Months Ended
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Dec. 31, 2013
LONG-TERM DEBT AND REVOLVING CREDIT FACILITY |
LONG-TERM DEBT AND REVOLVING CREDIT FACILITY | NOTE 7: LONG-TERM DEBT AND REVOLVING CREDIT FACILITY On August 9, 2011, the Company entered into a revolving credit agreement with Wells Fargo Bank, N.A. that permits the Company to borrow up to $15,000 through August 9, 2014, bearing interest at LIBOR plus 1.25 percent (1.50 percent as of December 31, 2013). The Company must pay an annual commitment fee of 0.25 percent on the unused portion of the commitment. On August 8, 2013, the Company renegotiated the revolving credit agreement with Wells Fargo Bank, N.A. to increase to the borrowing limit to $25,000 and extend the maturity to September 1, 2015. At December 31, 2013, the outstanding balance under the revolving credit agreement was $10,000. A term loan of $10,000 was obtained in conjunction with the revolving credit agreement with Wells Fargo Bank, N.A. and has a maturity date of August 9, 2014 and a variable interest rate of LIBOR plus 1.25 percent (1.50 percent as of December 31, 2013 and 2012). As of December 31, 2013, the outstanding balance under the term loan was $2,267. The term loan is collateralized by the Company’s manufacturing facility in Spanish Fork, Utah. Long-term debt consists of the following:
As of December 31, |  | 2013 |  | 2012 |
Term loan in monthly installments of approximately $284, including interest |  | $ | 2,267 |  | $ | 5,620 |
Less current installments |  | (2,267 | ) | (3,350 | )
|  | — |  | 2,270 |
Revolving credit agreement |  | 10,000 |  | — |
Long-term debt less current installments |  | $ | 10,000 |  | $ | 2,270 |
The various debt agreements contain restrictions on liquidity, leveraging, minimum net income and consecutive quarterly net losses. In addition, the agreements restrict capital expenditures, lease expenditures, other indebtedness, liens on assets, guaranties, loans and advances, and the merger, consolidation and the transfer of assets except in the ordinary course of business. The Company is in compliance with these debt covenants as of December 31, 2013.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 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 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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