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Note 8 - Long-term Debt | 12 Months Ended
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Dec. 31, 2015
Notes to Financial Statements |
Long-term Debt [Text Block] | Note 8 – Long-term Debt Long-term debt as of December 31 consists of the following:
|  | 2015 |  |  | 2014 |
HSBC |  |  |  |  |  |  |  |
$2,100,000 5 year term loan payable in monthly installments of $35,000 plus interest on the unpaid principal balance which accrues at a fixed rate of 3.045%. This term loan was secured by $1 million, provided that, so long as no event of default occurred and is then continuing, HSBC would release $200,000 of the collateral on each anniversary of the closing date. As of December 31, 2015, HSBC had released $800,000, to reduce the collateral to $200,000. |  | $ | 280,000 |  |  | $ | 700,000 |
HSBC |  |  |  |  |  |  |  |
$6,000,000 Mortgage payable secured by real property Buildings and improvements at 355 South Technology Drive, Central Islip, NY payable in monthly principle installments of $25,000 plus interest. Interest presently accrues at our option, at the variable rate of LIBOR plus 1.75% or HSBC’s prime rate minus 0.50% The loan matures on March 1, 2022. |  |  | 3,565,508 |  |  |  | 3,865,508 |
Totals |  |  | 3,845,508 |  |  |  | 4,565,508 |
Less: Current maturities |  |  | 580,000 |  |  |  | 720,000 |
Long-term debt |  | $ | 3,265,508 |  |  | $ | 3,845,508 |
Future maturities of long-term debt as of December 31, 2015 are as follows:
2016 |  | $ | 580,000 |
2017 |  |  | 300,000 |
2018 |  |  | 300,000 |
2019 |  |  | 300,000 |
2020 |  |  | 300,000 |
Thereafter |  |  | 2,065,508 |
|  | $ | 3,845,508 |

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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 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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