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Note 3 - Liquidity and Going Concern | 12 Months Ended
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Dec. 31, 2018
Notes to Financial Statements |
Liquidity and Going Concern [Text Block] | Note 3 – Liquidity and Going Concern The Company’s primary sources of liquidity are cash and cash equivalents as well as availability under the Credit Agreement with PNC (see Note 9 ). As noted in Note 9, we initiated an equity issuance process and entered into an amendment with PNC that would have allowed us more flexibility in the use of any proceeds, but also committed us to raise at least $7.5 million by November 15, 2018. That offering was ultimately terminated due to changes in market conditions. As that condition was not met, we are in violation of our Agreement, as amended. As of March 2019, we entered into a forbearance agreement with PNC. Under the terms of this agreement, financial covenants as of March 31, 2019 will not be considered and all previously identified compliance failures will be waived, but we remain out of compliance with the terms of our credit facility, as amended. In addition to the above, due to financial performance in 2016, 2017 and 2018, including net income/(losses) attributable to the Company of $0.7 million, ( $1.6 million), and ( $3.6 million), respectively, we believe that substantial doubt about our ability to continue as a going concern exists at December 31, 2018. Additionally, we have experienced challenges in maintaining adequate seasonal working capital balances, made more challenging by increases in financing and labor costs. These changes in cash flows have created strain within our operations, and have therefore increased our desire to incorporate additional funding resources. Management’s plans include:
| ( 1 ) | Pursuing a strategically significant major capital event.
| ( 2 ) | Working with our bank to resolve our compliance failure on a long-term basis.
| ( 3 ) | Evaluating and potentially executing a sale/leaseback transaction of our facility in Lake Barrington, IL.
| ( 4 ) | Continuing to monitor the equity market for the potential to complete the transaction attempted during 2018, and
| ( 5 ) | Exploring alternative funding sources.
Management Assessment Considering both quantitative and qualitative information, we continue to believe that our plans to obtain additional financing will provide us with an ability to finance our operations through 2019 and, if adequately executed, will mitigate the substantial doubt about our ability to continue as a going concern.

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