XML 23 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 7 - Debt
 9 Months Ended
Sep. 30, 2017
Notes to Financial Statements  
Long-term Debt [Text Block]
NOTE
7:
     DEBT
 
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 facility also contains certain financial covenants, all of which the Company was in compliance with at
September 30, 2017
and
December 31, 2016.
 
The Company has a loan agreement with HSBC which is secured by a mortgage against
its Central Islip facility. The loan is payable in
120
consecutive equal monthly installments of principal of
$25,000
plus interest thereon and a final balloon payment upon maturity in
March 2022.
Interest accrues on the loan, at the Company’s option, at the variable rate of LIBOR plus
1.75%
which was
2.99%
and
2.52%
at
September 30, 2017
and
December 31, 2016,
respectively. The principal balances on the mortgage at
September 30, 2017
and
December 31, 2016
were approximately
$3.0
and
$3.3
million, respectively.