XML 24 R12.htm IDEA: XBRL DOCUMENT
v3.7.0.1

LONG-TERM DEBT | 12 Months Ended
--- | ---
Dec. 31, 2016
Debt Disclosure [Abstract] |
LONG-TERM DEBT |
| 6. | LONG-TERM DEBT
On March 9, 2012, the Company obtained a $4.5 million term loan from Santander to be amortized over five years (the “Santander Term Facility”). The Santander Term Facility was used to purchase tooling and equipment for new programs. Additionally, the Company and Santander entered into a five-year interest rate swap agreement, in the notional amount of $4.5 million. Under the interest rate swap, the Company pays an amount to Santander representing interest on the notional amount at a fixed rate of 4.11% and receives an amount from Santander Bank representing interest on the notional amount of a rate equal to the one-month LIBOR plus 3%. The effect of this interest rate swap will be the Company paying a fixed interest fixed rate of 4.11% over the term of the SantanderTerm Facility. The Santander interest swap agreement was terminated and the Santander Term Facility was paid off on March 24, 2016 using the proceeds of the BankUnited Facility. (See Note 5) The Company paid approximately $254,000 of debt issuance costs in connection with the Bank United Facility of which approximately $144,000 is included in other assets and $48,000 is a reduction of long-term debt. The Term Loan had an initial amount of $10 million, payable in monthly installments, as defined in the agreement, which matures on March 31, 2019. The maturities of the Term Loan are included in the maturities of long-term debt. The maturities of the long-term debt (excluding unamortized debt issuance costs) are as follows:
Year ending December 31, |  |  |  |
2017 |  | $ | 1,341,924 |
2018 |  |  | 1,982,296 |
2019 |  |  | 6,809,514 |
2020 |  |  | 105,473 |
2021 |  |  | 11,575 |
|  | $ | 10,250,782 |
Also included in long-term debt are capital leases and notes payable of $584,116 and $295,452 at December 31, 2016 and 2015, respectively, including a current portion of $175,257 and $111,491, respectively. The cost of assets under capital leases was $1,829,450 and $1,363,977 at December 31, 2016 and 2015, respectively. Accumulated depreciation of assets under capital leases was approximately $1,157,000 and $971,000 at December 31, 2016 and 2015, respectively.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration