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Note 7 - Financing Arrangements
 12 Months Ended
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.