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Note 8 - Long-term Debt

12 Months Ended

Dec. 31, 2016

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:

		2016				2015
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, 2016, this term loan had been paid in full.		$	---			$	280,000

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.			3,265,508				3,565,508
Total long-term debt			3,265,508				3,845,508
Less: Current maturities			300,000				580,000
Long-term debt		$	2,965,508			$	3,265,508

Future maturities of long-term debt as of

December

31,

2016

are as follows:

2017		$	300,000
2018			300,000
2019			300,000
2020			300,000
2021			300,000
Thereafter			1,765,508
Total long-term debt		$	3,265,508