XML 43 R27.htm IDEA: XBRL DOCUMENT v3.3.1.900
Note 8 - Long-term Debt (Tables)
 12 Months Ended
Dec. 31, 2015
Notes Tables  
Schedule of Long-term Debt Instruments [Table Text Block]
   
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  
Schedule of Maturities of Long-term Debt [Table Text Block]
2016
   $ 580,000  
2017
     300,000  
2018
     300,000  
2019
     300,000  
2020
     300,000  
Thereafter     2,065,508  
 
 
 $ 3,845,508