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Note 7 - Financing Arrangements | 12 Months Ended
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Dec. 31, 2015
Notes to Financial Statements |
Short-term Debt [Text Block] | Note 7 – Financing Arrangements On September 3, 2015, the Company extended our existing revolving credit facility with HSBC Bank, USA, N.A. (“HSBC”), which was due to expire, until September 1, 2018 under the same terms. The original loan agreement with HSBC was entered into on August 5, 2011, and provided the Company with credit up to $9.1 million consisting of a $7 million revolving credit facility and a five (5) year term loan in the initial principal amount of $2.1 million. The balances on the term loan as of December 31, 2015 and December 31, 2014 were $280,000 and $700,000 respectively. Interest on the unpaid $280,000 principal balance on this term loan accrues at either (i) the London Interbank Offered Rate (“LIBOR”) plus 1.75% or (ii) the bank’s prime rate minus 0.50%. The credit agreement also contains certain financial covenants. As of December 31, 2015, we were compliance with the terms of the covenants. Pursuant to the terms of an Accommodation Agreement, we entered into a loan agreement with HSBC in the amount of $6,000,000, the proceeds of which were used to finance apportion of the purchase price of our headquarters. The Loan is secured by a mortgage against our Central Islip facility. The loan is payable in 120 consecutive equal monthly installments of principal of $25,000 plus interest thereon and a a final balloon payment of $3.0 million. Interest accrues on the Loan, at our option, at the variable rate of LIBOR plus 1.75% which was 1.9455% and 1.9108% at December 31, 2015 and 2014 respectively. The balance on the mortgage at December 31, 2015 and December 31, 2014 was $3,565,508 and $3,865,508 respectively.

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