6. LONG-TERM DEBT

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

LONG-TERM DEBT

Credit Facility

Since 2008, we have maintained a credit facility (the “Facility”) with Whitney Bank.  The Facility has been amended and restated several times, most recently effective June 30, 2015 when we entered into the eighth amendment (“Eighth Amendment”).

The relevant terms of the Eighth Amendment included:

· an extension of the maturity date of the revolving credit facility (“Revolving Credit Facility”) to June 30, 2016;

· a modification of the interest rate with respect to the Revolving Credit Facility to 4.0 percent per annum;

· a modification of certain financial covenants; and

· a requirement that we maintain a compensating balance of $3,900 in our existing interest-bearing account at Whitney, to continue until such time as we have regained compliance with all of our covenants under the Facility for two consecutive quarters commencing with the quarter ended June 30, 2015.

Due to the expiration of our credit facility on June 30, 2016, we no longer have the requirement of a compensating balance and the $3,900 is now available for use. As of June 30, 2016, we no longer have these credit facilities available to us.

Other terms of the Facility included:

· a real estate term facility (“RE Term Facility”) of $2,000, at an interest rate of 4.0 percent per annum, maturing April 15, 2018, with the Company being obligated to make monthly increasing repayments of principal (along with accrued and unpaid interest thereon) at an amount of $9, beginning April 1, 2013, while there is any amount outstanding;

· a carousel term facility (“Carousel Term Facility”) of $2,200, at an interest rate of 3.5 percent per annum, maturing October 15, 2016, with the Company being obligated to make monthly repayments of principal of $65 (along with accrued and unpaid interest thereon) beginning July 1, 2014, while there is any amount outstanding; and

· outstanding balances under the Facility are secured by all of the Company’s assets.

In March 2016, we paid off the RE Term Facility and the Carousel Term Facility with proceeds received from the sale of our Channelview location.

As of June 30, 2016, the Company’s indebtedness under the Facility was $0.