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Long-Term Debt | 12 Months Ended
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Dec. 31, 2015
Long-Term Debt [Abstract] |
Long-Term Debt | NOTE 6. LONG-TERM DEBT Long-term debt, net as of December 31, 2015 and December 31, 2014, was as follows:
|  | December 31,
|  | 2015 |  | 2014
Revolving credit facilities (a) |  | $ | - |  | $ | -
5% Senior Subordinated Notes due 2017 (b) |  |  | 20,028 |  |  | 18,491
Term notes (c) |  |  | 105 |  |  | 68
|  |  | 20,133 |  |  | 18,559
Less current portion |  |  | - |  |  | -
|  | $ | 20,133 |  | $ | 18,559
| (a) |  | As of December 31, 2015, the Company had drawn $0 on a $20,000 revolving credit facility with the Lender with a maturity date of April 1, 2017. On July 23, 2014, upon the closing of the GMP Sale, the Company paid off amounts outstanding under the revolving credit facility with the Lender in full and has not drawn upon the credit facility since that time.
On October 31, 2014, the Company together with its direct and indirect domestic subsidiaries entered into a second amended and restated loan agreement (the “Second Amended and Restated Loan Agreement”) with the Lender, which matures on April 1, 2017. Under the Second Amended and Restated Loan Agreement, the Company has a $30,000 revolving line of credit (the “Revolving Line of Credit”) pursuant to a second amended and restated promissory note (revolving loan) (the “Revolving Line of Credit Promissory Note”) which is inclusive of a $10,000 accordion option (the “Accordion”) available to the Company to increase the Revolving Line of Credit on a seasonal or permanent basis for funding general corporate needs including working capital, capital expenditures, permitted loans or investments in subsidiaries, and the issuance of letters of credit. Also pursuant to the Second Amended and Restated Loan Agreement, the Company terminated its outstanding term loan facility which previously allowed the Company to borrow up to $10,000 and certain additional changes were made to the original amended and restated loan agreement and the covenants contained therein. All debt associated with the Second Amended and Restated Loan Agreement bears interest at one-month London Interbank Offered Rate (“LIBOR”) plus an applicable margin as determined by the ratio of Total Senior Debt to Trailing Twelve Month EBITDA as follows: (i) one month LIBOR plus 4.00% per annum at all times that Total Senior Debt to Trailing Twelve Month EBITDA ratio is greater than or equal to 2.00; (ii) one month LIBOR plus 3.00% per annum at all times that Total Senior Debt to Trailing Twelve Month EBITDA ratio is greater than 1.00 and less than 2.00; and (iii) one month LIBOR plus 2.00% per annum at all times that Total Senior Debt to Trailing Twelve Month EBITDA ratio is less than 1.00 or if the Company has cash or marketable securities equal to or greater than $30,000. The Second Amended and Restated Loan Agreement requires the payment of any unused commitment fee of (i) .6% per annum at all times that Total Senior Debt to Trailing Twelve Month EBITDA ratio is greater than or equal to 2.00; (ii) .5% per annum at all times that Total Senior Debt to Trailing Twelve Month EBITDA ratio is greater than 1.00 and less than 2.00; and (iii) .4% per annum at all times that Total Senior Debt to Trailing Twelve Month EBITDA ratio is less than 1.00. The Second Amended and Restated Loan Agreement contains certain restrictive debt covenants that require the Company and its subsidiaries to maintain an EBITDA based minimum Trailing Twelve Month EBITDA, a minimum net worth, a positive amount of asset coverage, and limitations on capital expenditures all as calculated in the Second Amended and Restated Loan Agreement. In addition, the Second Amended and Restated Loan Agreement contains covenants restricting the Company and its subsidiaries from pledging or encumbering their assets, with certain exceptions, and from engaging in acquisitions other than acquisitions permitted by the Second Amended and Restated Loan Agreement. The Second Amended and Restated Loan Agreement contains customary events of default (with grace periods where customary) including, among other things, failure to pay any principal or interest when due; any materially false or misleading representation, warranty, or financial statement; failure to comply with or to perform any provision of the Second Amended and Restated Loan Agreement; and default on any debt or agreement in excess of certain amounts. On November 9, 2015, the Company together with its direct and indirect domestic subsidiaries entered into a first amendment (the “First Amendment”) to the Second Amended and Restated Loan Agreement with the Lender. Pursuant to the First Amendment the minimum net worth financial covenant required to be maintained by the Company and each of its domestic wholly-owned subsidiaries was reduced and certain additional changes were also made to the Second Amended and Restated Loan Agreement. On March 11, 2016, the Company together with its direct and indirect domestic subsidiaries entered into a second amendment (the “Second Amendment”) to the Second Amended and Restated Loan Agreement as amended by the First Amendment to the Second Amended and Restated Loan Agreement with the Lender. Pursuant to the Second Amendment the minimum net worth financial covenant required to be maintained by the Company and each of its domestic wholly-owned subsidiaries for the year ending December 31, 2015 was reduced from $170,000 to $140,000 with an annual increase of $2,000 for each fiscal year thereafter, and certain additional changes were also made to the Second Amended and Restated Loan Agreement.
| (b) |  | In connection with the Company’s acquisition of Gregory on May 2010, $22,056 and $554 in subordinated notes were issued to the Gregory Stockholders. The notes have a seven year term, 5% stated interest rate payable quarterly, and are prepayable at any time. Given the below market interest rate for comparably secured notes and the relative illiquidity of the notes, we discounted the notes to $13,127 and $316, respectively, at date of acquisition. We are accreting the discount on the notes to interest expense using the effective interest method over the term of the notes. During the years ended December 31, 2015, 2014 and 2013, $1,537, $1,337 and $1,162, respectively, of the discounts were accreted and recorded as interest expense in the accompanying statements of comprehensive (loss) income.
| (c) |  | The term loan is payable to a government entity with an interest rate of 0.75% and no monthly installments. The note matures in March 2017.
The aggregate maturities of long-term debt and revolving lines of credit for the years subsequent to December 31, 2015 are as follows:
2016 |  | $ | -
2017 |  |  | 22,715
2018 |  |  | -
2019 |  |  | -
2020 |  |  | -
Thereafter |  |  | -
Total future long-term debt payments |  |  | 22,715
Less amount representing debt discounts |  |  | (2,582)
Total carrying amount of long-term debt |  |  | 20,133
Less current portion |  |  | -
Long-term debt obligations |  | $ | 20,133
There was no property held under capital leases as of December 31, 2015 and 2014.

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- Definition The entire disclosure for long-term debt. + References Reference 1: 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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