v3.8.0.1

LONG-TERM DEBT AND FINANCING LEASE OBLIGATIONS

9 Months Ended

Oct. 01, 2017

Debt Disclosure [Abstract]

Credit Facility, Long-Term Debt and Debt Covenants Disclosure [Text Block]

(6)          Long-Term Debt and Financing Lease Obligations

Long-term debt

Long-term debt consisted approximately of the following at:

		October 1,			January 1,
(in thousands)		2017			2017
First Note - Venture Bank - monthly installments of principal and interest until December 2, 2026			3,611			3,700
Second Note - Venture Bank - monthly payments of principal and interest until December 2, 2023			5,714			6,300
Less: deferred financing fees			(232)			(234)
Less: current maturities			(929)			(917)
Long-term debt net of current maturities		$	8,164		$	8,849

The weighted-average interest rate of debt outstanding as of October 1, 2017 and January 1, 2017 was 4.25% and 4.00%, respectively.

The Company is subject to various financial and non-financial covenants on its long-term debt, including a debt-service coverage ratio. As of October 1, 2017, the Company was in compliance with all of its covenants.

Financing Lease Obligation

Financing lease obligations consisted of the following at:

		October 1,			January 1,
(in thousands)		2017			2017
Financing lease – Spirit Financial – monthly installments of $40 – effective interest rate of 7.87%, due in March 2019.		$	1,663		$	2,757
Less: deferred financing fees			(15)			(23)
Less: current maturities			(360)			(454)
Long-term financing lease net of current maturities		$	1,288		$	2,280

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- References

No definition available.

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- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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