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Debt
12 Months Ended
Dec. 31, 2014
Debt [Text Block]

Note 8 – Debt

    December 31,     December 31,  
    2014     2013  
             
Current:            
Credit Facility $ 539   $ 1,438  
Counsel Loan   2,985     2,550  
    3,524     3,988  
Non-current:            
Other third party debt   2,580      
             
Total debt $ 6,104   $ 3,988  

     At December 31, 2014 the Company’s current debt of $3,524 consisted of a third party Credit Facility with a balance of $539 and related party debt (the Counsel Loan) with a balance of $2,985. The Company’s non-current debt of $2,580 consisted of a loan payable to an unrelated third party. At December 31, 2013, all of the Company’s outstanding debt was current.

     The Credit Facility is provided to HG LLC by a U.S. bank under the terms and provisions of a certain Loan and Security Agreement (the “Loan Agreement”) dated as of June 2, 2009 and most recently amended as of December 1, 2014 (the “Amendment Date”). It is utilized to finance the acquisition of eligible property and equipment for purposes of resale. The Credit Facility bears interest at the greater of the WSJ prime rate + 1.0%, or 4.5%, and the maximum borrowing available under the Credit Facility is US $15,000, subject to HG LLC maintaining a 1:2 ratio of capital funds, i.e. the sum of HG LLC’s tangible net worth plus subordinated indebtedness, as defined in the Loan Agreement, to the outstanding balance. The amount of any advance is determined based upon the value of the eligible assets being acquired, which serve as collateral. At December 31, 2014, $590 of such assets served as collateral for the loan (December 31, 2013 - $606). A monthly fee is payable with respect to unused borrowing (“Unused Line Fee”). Until July 31, 2014, the Unused Line Fee was equal to the product of 0.50% per annum multiplied by the difference between $15,000 and the average loan amount outstanding during the month. Effective August 1, 2014, the Unused Line Fee has been reduced to $3 per month. Payments of a $50 Facility Fee and a $25 Agency Fee are due annually on September 27. The Credit Facility also contains other terms and provisions customary for agreements of this nature, and has been guaranteed by both the Company and Counsel Corporation, the Company's former majority shareholder (together with its subsidiaries, "Counsel"). At December 31, 2014 the Company was in compliance with all covenants of the Credit Facility. The Credit Facility was repaid in full in March 2015.

     The Counsel Loan outstanding at December 31, 2013 consisted of net advances received by the Company from Counsel, and included $168 of accrued interest. The advances were made under an existing loan facility that was originally entered into during the fourth quarter of 2003, accrued interest at 10% per annum compounded quarterly from the date funds were advanced, and was due on demand. Any outstanding balance under the Counsel Loan was secured by the assets of the Company.

     In the second quarter of 2014, following Counsel’s distribution of its ownership interest in HGI to Counsel shareholders as a dividend in kind, this facility was replaced and the outstanding balance was transferred to a new facility (also the “Counsel Loan”). Under the new facility, payment is due within thirty days following the end of each quarter. Unpaid balances accrue interest at a rate per annum equal to the lesser of the WSJ prime rate + 2.0%, or the maximum rate allowable by law. For 2014 the rate was 5.25%. Please see Note 12 for further discussion of transactions with Counsel.

     During the second quarter of 2014, the Company entered into a loan agreement with an unrelated third party, with a principal amount of $2,500. The loan bears interest at 6% and had an original maturity date of January 15, 2015. In December 2014, the maturity date was extended to January 15, 2016 at the same interest rate. At December 31, 2014 the principal and accrued interest totalled $2,580. The loan is not subject to any covenants or conditions.