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SUBSEQUENT EVENTS | 12 Months Ended
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Dec. 31, 2013
SUBSEQUENT EVENTS [Abstract] |
SUBSEQUENT EVENTS | NOTE 18 SUBSEQUENT EVENTS Waivers and Revisions from PNC Bank, National Association On April 14, 2014, the Company entered into an Amendment to the Company’s Amended Loan Agreement with PNC Bank, our lender under the credit facility. Pursuant to the Amendment, our lender waived and/or amended the following:
· | the Company’s failure to meet the minimum quarterly fixed charge coverage ratio requirement for the fourth quarter of 2013 (see “Note 8 – Long Term Debt” for further information of this non-compliance;
· | the quarterly fixed charge coverage ratio testing requirement for the first quarter of 2014;
· | the requirement that the Company’s consolidated financial statements for the year ended December 31, 2013 be issued without a going concern qualification;
· | violation, if any, for the purchase of 80% of a subsidiary in Poland (“CEE Opportunity Partners Poland S.A on April 4, 2014) and the formation of Perma-Fix Medical Corporation (“PFMedical” which was incorporated on January 21, 2014), neither of which shall be a credit party under our Amended Loan Agreement;
· | revised the methodology to be used in calculating the fixed charge coverage ratio in each of the subsequent quarters of 2014 and changed the minimum quarterly fixed charge coverage ratio requirement of 1:25 to 1:00 to 1:15 to 1:00 for each of the subsequent quarters of 2014; and
· | reduced our Revolving Credit facility from $18,000,000 to $12,000,000.
As a condition of this Amendment, we agreed to pay PNC a fee of $30,000. Based on these revisions above, we expect to meet our quarterly fixed charge coverage ratio requirement in each of the second to fourth quarters of 2014. If we fail to meet the minimum quarterly fixed charge coverage ratio requirement in any of the quarters starting with the second quarter in 2014 and PNC does not waive the non-compliance or further revise our covenant so that we are in compliance, our lender could accelerate the repayment of borrowings under our credit facility. In the event that our lender accelerates the payment of our borrowings, we may not have sufficient liquidity to repay our debt under our credit facility and other indebtedness. Resignation of Chief Operating Officer On April 3, 2014, the Company's Board of Directors approved the appointment by the Company on March 20, 2014 of Mr. John Lash as the Chief Operating Officer ("COO"), upon the Company's acceptance of Mr. James A. Blankenhorn's resignation on March 20, 2014 as the COO. Mr. Blakenhorn's resignation was effective March 28, 2014. Mr. Blankenhorn's resignation was not due to a disagreement with the Company. Upon Mr. Blankenhorn's resignation, his employment agreement also terminated. Mr. Lash previously served as Senior Vice President of Operations of the Company's Treatment Segment for over ten years and has been employed by the Company since 2001 in various management positions.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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