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Obligations | 9 Months Ended
--- | ---
Sep. 28, 2014
Debt Disclosure [Abstract] |
Obligations | Obligations
| As of
| September 28, 2014 |  | December 29, 2013
| (in thousands)
Debt and capital lease obligations: |  |  |  |  |
Revolving line of credit | $ | 1,000 |  |  | $ | 1,000 |
Capital leases | 448 |  |  | 310 |
| 1,448 |  |  | 1,310 |
Current portion of debt and capital lease obligations | (223 | ) |  | (1,177 | )
Long term portion of capital lease obligations | $ | 1,225 |  |  | $ | 133 |
Revolving Line of Credit The Company has entered into the Third Loan Agreement. The terms of the Third Loan Agreement include a $6.0 million revolving line of credit available through June 27, 2016. Upon each advance, the Company can elect a fixed interest rate, which is the prime rate plus the prime rate margin, or a fixed rate, which is LIBOR plus the LIBOR rate margin. During the third quarter of 2014, the Company had $1.0 million of revolving debt outstanding with an interest rate of 3.75%. Silicon Valley Bank has a first priority security interest in substantially all of the Company's tangible and intangible assets to secure any outstanding amounts under the Third Loan Agreement. Under the terms of the Third Loan Agreement, the Company must maintain a minimum tangible net worth of at least $15 million, an adjusted quick ratio of 2-to-1 and a minimum unrestricted cash or cash equivalents balance of at least $8 million. The Third Loan Agreement also has certain restrictions including, among others, restrictions on the incurrence of other indebtedness, the maintenance of depository accounts, the disposition of assets, mergers, acquisitions, investments, the granting of liens, cash balances with subsidiaries and the payment of dividends. The Company was in compliance with the financial covenants of the Third Loan Agreement as of the end of the current reporting period. Capital Leases In July 2014, the Company leased design software under a 41 month capital lease at an imputed interest rate of 3.15% per annum. Terms of the agreement require the Company to make payments of principal and interest of $42,000 in August 2014, $16,000 in December 2014, $58,000 in January 2016 and $58,000 in January 2017. The total payments for the lease will be $174,000. As of September 28, 2014, $126,000 was outstanding under this capital lease, of which $15,000 was classified as a current liability. In May 2014, the Company leased design software under a three-year capital lease at an imputed interest rate of 4.80% per annum. Terms of the agreement require the Company to make annual payments of approximately $84,000 through April 2016, for a total of $252,000. As of September 28, 2014, $157,000 was outstanding under the capital lease, of which $77,000 was classified as a current liability. In December 2013, the Company leased design software under a two-year capital lease at an imputed interest rate of 4.34% per annum. Terms of the agreement require the Company to make quarterly payments of approximately $34,000 through September 2015, for a total of $273,000. As of September 28, 2014, $165,000 was outstanding under the capital lease, of which $131,000 was classified as a current liability.

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- Definition The entire disclosure for debt and capital lease obligations can be reported. Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease. + References No definition available. + Details
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- Details
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