XML 35 R25.htm IDEA: XBRL DOCUMENT v3.5.0.2
Long-Term Debt (Details)
9 Months Ended
Sep. 30, 2016
USD ($)
Apr. 29, 2016
USD ($)
ft²
Sep. 30, 2016
USD ($)
Apr. 01, 2016
USD ($)
Remaining principal payments        
Less: Current portion $ 126,419   $ 126,419  
Long-term portion 3,109,647   3,109,647  
Loan        
Financing agreement        
Monthly payments including interest   $ 18,000    
Interest rate   2.14%    
Deferred debt issuance costs, gross   $ 139,000    
Loan’s effective interest rate   2.77%    
Debt service coverage ratio   1.25    
Remaining principal payments        
2016 35,000   35,000  
2017 140,000   140,000  
2018 143,000   143,000  
2019 146,000   146,000  
2020 149,000   149,000  
Thereafter 2,757,000   2,757,000  
Total Principal 3,370,000   3,370,000  
Less: Unamortized debt issuance costs 134,000   134,000  
Less: Current portion 126,000   126,000  
Long-term portion 3,110,000   3,110,000  
Debt Issuance Costs        
Amortization of debt costs     5,000  
Deferred debt issuance costs, noncurrent, net 121,000   121,000  
Deferred debt issuance costs, current, net 13,000   13,000  
Amortization of debt costs expected in current year 3,000   3,000  
Annual expected amortization expense over the next four years $ 12,000   12,000  
Remaining amortization period 4 years      
Loan | Building        
Financing agreement        
Area of building | ft²   27,300    
Line Of Credit.        
Debt Issuance Costs        
Maximum borrowings $ 2,050,000   $ 2,050,000  
Line Of Credit. | 30-day LIBOR        
Debt Issuance Costs        
Line of credit basis spread (as a percent)     1.80%  
Duluth Economic Development Authority        
Financing agreement        
Bonds issued to the Bank       $ 3,415,000