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LONG-TERM DEBT AND FINANCING LEASE OBLIGATIONS | 12 Months Ended
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Dec. 31, 2017
Debt Disclosure [Abstract] |
Long-term Debt and Financing Lease Obligations [Text Block] | (7) LONG-TERM DEBT AND FINANCING LEASE OBLIGATIONS Long-term debt On December 2, 2016, we entered into two loan agreements (the “Loan Agreements”) with Venture Bank (“Venture”) for a total initial principal amount of $10.0 million as well as a revolving line of credit (the “Line of Credit”) for up to $1.0 million. The first loan (the “Real Estate Loan”) was for a principal amount of $3.7 million and has a maturity date of December 2, 2026. The Real Estate Loan is paid in monthly installments of principal and interest, with a balloon payment at maturity. Interest is payable at a rate of 4.25% for the first five years and LIBOR plus 3.75% thereafter until maturity. The loan may be prepaid, subject to prepayment premiums as outlined in the Loan Agreements. The second loan (the “Term Loan”) was for a principal amount of $6.3 million and has a maturity date of December 2, 2023. The Term Loan is paid in monthly installments of principal and interest with a balloon payment at maturity. Interest is payable at a rate of LIBOR plus 3.25%. The Term Loan may be prepaid at any time without penalty. The Line of Credit has a maturity date of December 2, 2019 provides for interest to be paid monthly on outstanding balances with the principal amount due at maturity. Interest is payable at a rate of LIBOR plus 3.25% and the Line of Credit may be prepaid at any time without penalty. There was no balance on the Line of Credit as of December 31, 2017 or January 1, 2017. As of December 31, 2017 and January 1, 2017, the weighted average interest rate on our long-term debt was 4.27% and 4.00%, respectively. The notes pursuant to the Loan Agreements are secured by substantially all of our assets and we are subject to various financial and non-financial covenants. As of December 31, 2017, we were in compliance with all of our covenants. In the event of a default, Venture has the right to terminate its obligations under the Loan Agreements and to accelerate the payment on any unpaid principal amounts then outstanding. Long-term debt consisted of approximately the following as of the periods presented:
(in thousands) |  | December 31, 2017 |  | January 1, 2017
Real Estate Loan |  | $ | 3,581 |  | $ | 3,700
Term Loan |  |  | 5,515 |  |  | 6,300
Less: deferred financing costs |  |  | (224) |  |  | (234)
Less: current portion of long-term debt |  |  | (940) |  |  | (917)
Long-term debt, less current portion |  | $ | 7,932 |  | $ | 8,849
Future minimum principal payments on long-term debt, as of December 31, 2017, were as follows:
(in thousands) |  |  |
Fiscal Year |  |  |
2018 |  | $ | 940
2019 |  |  | 981
2020 |  |  | 1,023
2021 |  |  | 1,069
2022 |  |  | 1,116
Thereafter |  |  | 3,967
Total |  | $ | 9,096
Financing Lease Obligation On March 31, 1999, we completed a sale leaseback transaction for three properties which provides us with the option to repurchase the properties at the end of the lease term. Because of our continuing involvement in the properties, the transaction is being accounted for as a financing arrangement. In March 2017, we amended the lease agreement to remove one of the properties from the arrangement. As of December 31, 2017, the weighted-average interest rate of our financing lease obligations was approximately 7.78%. Financing lease obligation consisted of approximately the following as of the periods presented:
(in thousands) |  | December 31, 2017 |  | January 1, 2017
Financing lease obligation |  | $ | 1,576 |  | $ | 2,757
Less: deferred financing costs |  |  | (13) |  |  | (23)
Less: current portion of financing lease obligation |  |  | (367) |  |  | (454)
Financing lease obligation, less current portion |  | $ | 1,196 |  | $ | 2,280
Future minimum principal payments on financing lease obligations, as of December 31, 2017, were as follows:
(in thousands) |  |  |
Fiscal Year |  |  |
2018 |  | $ | 480
2019 |  |  | 1,232
Total minimum payments |  |  | 1,712
Less: amounts representing interest |  |  | (136)
Total financing lease payable |  | $ | 1,576

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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 + Details
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