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6. LONG-TERM DEBT
 12 Months Ended
Dec. 31, 2012
Debt Disclosure [Text Block]
6. LONG-TERM DEBT

In October 2010, we entered into a financing agreement with PNC Bank (“PNC”) to provide a $70 million credit facility. The term of the facility is five years and the current interest rate is generally LIBOR plus 1.50%.


At December 31, 2012 and 2011, we had $23,461,340 and $35,000,000 outstanding under this facility. None of this facility was deemed to be current at December 31, 2012 or 2011.


In April 2011, we repaid the remaining balance of approximately $1.8 million on our mortgage loans by borrowing under a sub-facility on the PNC credit facility. The sub-facility is secured by real estate owned by us. In connection with this transaction, we incurred approximately $0.1 million of prepayment and other fees that were reported as additional interest expense in the second quarter of 2011. The mortgage loans were incurring interest at 8.28% and were replaced with borrowings under the credit facility for a current interest rate of LIBOR plus 1.50%.


The total amount available under our revolving credit facility is subject to a borrowing base calculation based on various percentages of accounts receivable and inventory. As of December 31, 2012, we had $23.4 million in borrowings under this facility and total capacity of $68.6 million.


Our credit facility contains a restrictive covenant which requires us to maintain a fixed charge coverage ratio. This restrictive covenant is only in effect upon a triggering event taking place (as defined in the credit facility agreement). At December 31, 2012, there was no triggering event and the covenant was not in effect. Our credit facility places a restriction on the amount of dividends that may be paid. No cash dividends were paid in 2012, 2011 or 2010.


Our revolving credit facility matures in 2015. We have no other long-term debt maturities.