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Note 7 - Financing Arrangements | 12 Months Ended
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Dec. 31, 2016
Notes to Financial Statements |
Short-term Debt [Text Block] | Note 7 – Financing Arrangements The Company has a revolving credit facility with HSBC Bank, USA, N.A. (“HSBC”) providing up to $7 million, although the Company has never utilized this facility. This credit facility remains available until September 1, 2018. The credit agreement also contains certain financial covenants, all of which the Company was in compliance with at December 31, 2016. The Company has a loan agreement with HSBC which is secured by a mortgage against our Central Islip facility. The loan is payable in 120 consecutive equal monthly installments of $25,000 in principal plus interest and a final balloon payment upon maturity in March 2022. The balances as of December 31, 2016 and December 31, 2015 were approximately $3.3 million and $3.6 million respectively. Interest accrues on the Loan, at our option, at the variable rate of LIBOR plus 1.75% which was 2.1765% and 1.9455% at December 31, 2016 and 2015 respectively.

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