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Note 2 - Bank Financing Arrangements | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Note 2 - Bank Financing Arrangements | NOTE 2 — Bank Financing Arrangements The Company entered the first Financing Agreement with Western Alliance Bank, an Arizona corporation in 2014, and the agreement has been amended and extended through the years. Sixth Financing Agreement On June 14, 2019, the Company entered into the Sixth Amended and Restated Business Financing Agreement with the Bank. The Bank waived the default which occurred for the month ended April 30, 2019 when the Company’s Asset Coverage Ratio was 1.13 to 1.00, instead of the required 1.25 to 1.00. The Bank also increased the Eligible Receivable threshold for Ingram Micro from 50% to 60% of domestic receivables, and from 35% to 50% of all receivables (including both domestic and foreign receivables). Seventh Financing Agreement On January 8, 2020, the Company entered into the Seventh Amended and Restated Business Financing Agreement with the Bank which extends the maturity date of the Company’s revolving line of credit to January 31, 2022. Eighth Financing Agreement On August 28, 2020, the Company entered into the Eighth Amended and Restated Business Financing Agreement with the Bank. The Bank consented to the issuance of subordinated debt in the amount less than $2,000,000, at the annual interest rate less than 10% and maturing no sooner than 3 years. During the twelve months ended December 31, 2020, total repayments of the term loan was $333,333. Total amount borrowed under the domestic and international lines was $5,630,000 and the total repayments was $7,042,449. At December 31, 2020, the available borrowing capacity was approximately $1,487,000. There were no amounts outstanding under the term loan and bank credit facilities on December 31, 2020. Total interest expenses on the term loan and on the amounts drawn under the Company’s bank credit lines for 2020 were $6,152 and $20,461, respectively. Total interest expenses on the term loan and on the amounts drawn under the Company’s bank credit lines for 2019 were $44,541 and $55,571, respectively. Accrued interest payable related to the amounts outstanding under the term loan and the bank credit facilities at December 31, 2020 and December 31, 2019 was zero and $14,466, respectively.

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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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