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LONG-TERM DEBT AND LINE OF CREDIT
 12 Months Ended
Dec. 31, 2013
Debt Disclosure [Abstract]  
LONG-TERM DEBT AND LINE OF CREDIT
12. LONG-TERM DEBT AND LINE OF CREDIT
 
Long-term debt consisted of the following at December 31, 2013 and December 31, 2012:
 
 
 
2013
 
2012
 
$3,000,000 ten-year term loan with Merrill Lynch at LIBOR plus 1.3%,
    approximately 1.51% at December 31, 2012. Due 2017, repaid in 2013.
 
 
-
 
$
2,225,000
 
$1,500,000 ten-year term loan with Merrill Lynch at LIBOR plus 1.3%,
    approximately 1.51% at December 31, 2012. Due 2017, repaid in 2013.
 
 
-
 
 
1,113,000
 
 
 
$
-
 
$
3,338,000
 
Less current portion
 
 
-
 
 
225,000
 
 
 
$
-
 
$
3,113,000
 
 
Total interest paid related to long-term debt was $12,000, $62,000, and $89,000 in 2013, 2012, and 2011, respectively.
 
The Company has an unused unsecured $5,000,000 revolving line of credit with Bank of America at the LIBOR rate plus 1.75%, which was 1.92% at December 31, 2013. The agreement expires on June 2, 2014.
 
The Bank of America line of credit contains customary covenants including covenants that, in certain circumstances, restrict the Company’s ability to incur additional indebtedness, pay dividends and redeem capital stock, make other payments, including investments, sell its assets and enter into consolidations, mergers and transfers of all or substantially all of its assets. The line of credit agreement also requires the Company to maintain specified financial ratios and satisfy certain financial condition tests. At December 31, 2013, the Company was in compliance with all of the required financial ratios and also met all of the financial condition tests. Upon the occurrence of an event of default under the line of credit, the lenders may cease making loans and declare amounts outstanding to be immediately due and payable.