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Note 2 - Liquidity and Going Concern | 6 Months Ended
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Jun. 30, 2019
Notes to Financial Statements |
Liquidity and Going Concern [Text Block] | Note 2 – 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 Bank, National Association (“PNC”) (see Note 3 ). As indicated in Note 3, twice during 2018 we violated covenants in our credit facility and 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 were not considered and all previously identified compliance failures were waived, but we remain out of compliance with the terms of our credit facility, as amended, including the covenants as of June 30, 2019 calculated on or about July 31, 2019. On August 1, 2019, PNC issued a Default and Reservation of Rights letter to the Company, in which PNC advised that line of credit advances would continue to be available to the Company at PNC’s sole discretion, and subject to its terms and conditions. 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 June 30, 2019. 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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