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Derivative Instruments; Fair Value | 9 Months Ended
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Sep. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives and Fair Value [Text Block] | Note 9 - Derivative Instruments; Fair Value The following tables represents information about the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2014 and December 30, 2013, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value:
|  | Amount as of |  |  |  |  |  |  |
Description |  | 9/30/2014 |  | Level 1 |  | Level 2 |  | Level 3 |
Warrant Liability |  |  | 545,000 |  |  | - |  |  | 545,000 |  |  |  |
|  | $ | 545,000 |  | $ | - |  | $ | 545,000 |  | $ | - |
|  | Amount as of |  |  |  |  |  |  |
Description |  | 12/31/2013 |  | Level 1 |  | Level 2 |  | Level 3 |
Interest Rate Swap |  | $ | 60,000 |  | $ | - |  | $ | 60,000 |  | $ | - |
Warrant Liability |  |  | 816,000 |  |  | - |  |  | 816,000 |  |  | - |
|  | $ | 876,000 |  |  |  |  | $ | 876,000 |  |  |  |
The Company is exposed to certain market risks including the effect of changes in interest rates. The Company uses derivative instruments to manage financial exposures that occur in the normal course of business. It does not hold or issue derivatives for speculative trading purposes. The Company is exposed to non-performance risk from the counterparties in its derivative instruments. This risk would be limited to any unrealized gains on current positions. To help mitigate this risk, the Company transacts only with counterparties that are rated as investment grade or higher and all counterparties are monitored on a continuous basis. The fair value of the Company’s derivatives reflects this credit risk. On July 1, 2011, the Company entered into a swap agreement with BMO Capital Markets with respect to $6,780,000 of our loan balances with BMO Harris Bank N.A. This swap agreement limits the Company’s exposure to interest rate fluctuations on the Company’s floating rate loans. The swap agreement has the effect of fixing the interest rate on the loan balances covered by the swap at 4.65% per annum. The swap agreement is a derivative financial instrument and we determine and record the fair market value of the swap agreement each quarter. The value is recorded on the balance sheet of the Company and the amount of the unrealized gain or loss for each period is recorded as interest income or expense. The swap agreement has expired as of September 30, 2014.
Fair Values of Derivative Instruments in the Statement of Financial Position
|  | Liability Derivatives as of |
|  | September 30, 2014 |  | December 31, 2013 |
|  | Balance |  |  |  | Balance |  |  |
Derivatives not designated as hedging |  | Sheet |  |  |  | Sheet |  |  |
instruments under Statement 133 |  | Location |  | Fair Value |  | Location |  | Fair Value |
|  |  |  |  |  |  | Accrued |  |  |  |
Interest Rate Contracts |  | Accrued Liabilities |  | $ | - |  | Liabilities |  | $ | 60,000 |
The Effect of Derivative Instruments on the Statement of Financial Performance
|  | For the three months ended |
|  | September 30, 2014 |  | September 30, 2013 |
|  | Location of |  | Amount of |  | Location of |  | Amount of |
Derivatives not Designated as Hedging |  | Gain (Loss) Recognized in Income on |  | Gain (Loss) Recognized in Income on |  | Gain (Loss) Recognized in Income on |  | Gain (Loss) Recognized in Income on |
Instruments under Statement 133 |  | Derivative |  | Derivative |  | Derivative |  | Derivative |
Interest Rate Contracts |  | Interest Expense |  | $ | - |  | Interest Expense |  | $ | (3,000) |
Interest on fixed/variable rate variances |  |  |  | $ | 21,000 |  |  |  | $ | 21,000 |
The Effect of Derivative Instruments on the Statement of Financial Performance
|  | For the nine months ended |
|  | September 30, 2014 |  | September 30, 2013 |
|  | Location of |  | Amount of |  | Location of |  | Amount of |
Derivatives not Designated as Hedging |  | Gain (Loss) Recognized in Income on |  | Gain (Loss) Recognized in Income on |  | Gain (Loss) Recognized in Income on |  | Gain (Loss) Recognized in Income on |
Instruments under Statement 133 |  | Derivative |  | Derivative |  | Derivative |  | Derivative |
Interest Rate Contracts |  | Interest Expense |  | $ | 3,000 |  | Interest Expense |  | $ | (12,000) |
Interest on fixed/variable rate variances |  |  |  | $ | 63,000 |  |  |  | $ | 61,000 |

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