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Note 4 - Financing Arrangements | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Debt Disclosure [Text Block] | Note 4. FINANCING ARRANGEMENTS We have a credit agreement with Bank of America which was entered into on June 15, 2017 and provides for a line of credit arrangement of $16,000 that expires on June 15, 2022. The credit arrangement also has a $5,000 real estate term note outstanding with a maturity date of June 15, 2022. Under the Bank of America credit agreement, both the line of credit and real estate term notes are subject to variations in the LIBOR rate. Our line of credit bears interest at a weighted-average interest rate of 5.5% and 4.8% as of December 31, 2019 ad 2018, respectively. We had borrowings on our line of credit of $10,088 and $9,264 outstanding as of December 31, 2019 and December 31, 2018, respectively. There are no subjective acceleration clauses under the credit agreement that would accelerate the maturity of our outstanding borrowings. The line of credit and real estate term notes with Bank of America contain certain covenants which, among other things, require us to adhere to regular reporting requirements, abide by annual shareholder dividend limitations, maintain certain financial performance, and limit the amount of annual capital expenditures. The availability under our line is subject to borrowing base requirements, and advances are at the discretion of the lender. The line of credit is secured by substantially all of our assets. The Bank of America Credit Agreement provides for, among other things, a Fixed Charge Coverage Ratio of not less than (i) 1.0 to 1.0, for the three months ending December 31, 2019, six months ending March 31, 2020, nine months ending June 30, 2020 and twelve months ending September 30, 2020 and each Fiscal Quarter end thereafter. The availability under the line is subject to borrowing base requirements, and advances are at the discretion of the lender. At December 31, 2019 and 2018, we had unused availability under our line of credit of $4,148 and $6,137, respectively, supported by our borrowing base. The line is secured by substantially all of our assets. In the second quarter of 2019, our China operations entered into a line of credit arrangement with China Construction Bank which provides for a line of credit arrangement of 6,000,000 Renminbi (RMB), approximately $860, that expires on April 3, 2021. This line of credit bears an interest rate of 6% and we had no amounts outstanding as of December 31, 2019. Long-term debt balances at December 31, 2019 and 2018 consisted of the following (in thousands):
|  | December 31, |  |  | December 31, |
|  | 2019 |  |  | 2018 |
Term note payable - Bank of America |  |  |  |  |  |  |  |
Real estate term note bearing interest at one-month LIBOR + 2.25% (4.1% and 4.8% as of December 31, 2019 and 2018, respectively) maturing June 15, 2022 with monthly payments of approximately $41,000 plus interest secured by substantially all assets. |  | $ | 3,755 |  |  | $ | 4,253 |
Devicix Acquistion Note 1 payable to DeLange Holdings, matured on July 1, 2019. |  |  | - |  |  |  | 156 |
Devicix Acquistion Note 2 payable to DeLange Holdings, matured on July 1, 2019. |  |  | - |  |  |  | 203 |
|  |  | 3,755 |  |  |  | 4,612 |
Discount on Devicix Notes Payable |  |  | - |  |  |  | (23 | )
Debt issuance Costs |  |  | (132 | ) |  |  | (185 | )
Total long-term debt |  |  | 3,623 |  |  |  | 4,404 |
Current maturities of long-term debt |  |  | (444 | ) |  |  | (780 | )
Long-term debt - net of current maturities |  | $ | 3,179 |  |  | $ | 3,624 |
Future maturity requirements for long-term debt outstanding as of December 31, 2019, are as follows:
Years Ending December 31, |  | Amount |
2020 |  | $ | 498 |
2021 |  |  | 498 |
2022 |  |  | 2,759 |
Total |  | $ | 3,755 |

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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