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Note 14 - Debt | 12 Months Ended
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Dec. 31, 2017
Notes to Financial Statements |
Long-term Debt [Text Block] | ( 14 ) Debt Long-term obligations consists of the following (in thousands):
|  | December 31, |
|  | 2017 |  |  | 2016 |
Current: |  |  |  |  |  |  |  |
Current portion of capital lease obligations |  | $ | 829 |  |  | $ | 208 |
Long Term: |  |  |  |  |  |  |  |
Note payable – related party |  | $ | 6,500 |  |  | $ | 6,500 |
Capital lease obligations |  |  | 3,397 |  |  |  | 2,950 |
Less unamortized debt issuance and modification costs |  |  | (65 | ) |  |  | (125 | )
Long term debt and capital lease obligations, net of unamortized debt costs |  | $ | 9,832 |  |  | $ | 9,325 |
The weighted average interest rate for outstanding borrowings at December 31, 2017 and 2016 was 8.0% . The weighted average interest rates for borrowings during the years ended December 31, 2017 and 2016 were 8.0% and 10.4%, respectively. The Company had no capitalized interest in 2017 or 2016. Interest paid during the years ended December 31, 2017 and 2016 totaled approximately $526,000 and $3,579,000, respectively. Note Payable – Related Party The Company has received the benefit of cash infusions from GFCM in the form of secured promissory note obligations totaling $6,500,000 in principal as of December 31, 2017 and 2016. GFCM is an entity controlled by the Company’s chairman, president and chief executive officer, Jeffrey T. Gill and one of our directors, R. Scott Gill. GFCM, Jeffrey T. Gill and R. Scott Gill are significant beneficial stockholders of the Company. The promissory note bears interest at a rate of 8.0% per year until March 31, 2019 and, thereafter, at the greater of 8.0% or 500 basis points above the five -year Treasury note average during the preceding 90 -day period, in each case, payable. During the fourth quarter of 2017, the Company amended its secured promissory note with GFCM to, among other things: (i) extend the maturity dates for $2,500,000 of the obligation to April 1, 2021, $2,000,000 to April 1, 2023 and the balance to April 1, 2025, (ii) adjust the interest rate beginning on April 1, 2019 and on each April 1 thereafter, to reflect the greater of 8.0% or 500 basis points above the five -year Treasury note average during the previous 90 -day period, (iii) allow for up to an 18 -month deferral of payment for up to 60% of the interest due on the notes maturing in April of 2021 and 2023, and (iv) provide for a first security interest in substantially all assets, including those in Mexico. Capital Lease Obligation s On March 9, 2016, the Company completed the sale of its 24 -acre Toluca property for 215,000,000 Mexican Pesos, or approximately $12,182,000 in U.S. dollars. Simultaneously, the Company entered into a ten -year lease of the 9 acres and buildings currently occupied by the Company and needed for its ongoing business in Toluca (see Note 5 ). As a result of the Toluca Sale-Leaseback, the Company has a capital lease obligation of $2,949,000 for the building as of December 3, 2017. In January 2018, the Company entered into a 36 -month capital lease for $1,277,000 for new production equipment installed at its Sypris Electronics facility during 2017. The future minimum payments for capital lease s as of December 31, 2017 are as follows (in thousands):
2018 |  | $ | 1,214 |
2019 |  |  | 927 |
2020 |  |  | 881 |
2021 |  |  | 580 |
2022 |  |  | 548 |
Thereafter |  |  | 1,691 |
Total future payments |  |  | 5,841 |
Less: Amount representing interest |  |  | (1,615 | )
Present value of future minimum payments |  |  | 4,226 |
Less: Current portion |  |  | (829 | )
Long term portion |  | $ | 3,397 |

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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 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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