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R. SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2017
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE R—SUBSEQUENT EVENTS

 

The Company has evaluated subsequent events through the date the financial statements were issued.

 

On January 8, 2018, the Company repaid its revolving bank line of credit of $49 million.

 

On February 8, 2018, the Company’s Chinese subsidiary, Global, entered into a 187.8 million RMB, equivalent to approximately $30.3 million USD, Construction Agreement (the “Agreement”) with Zhejiang Xinyu Construction Group Co., Ltd. (the “General Contractor”). Pursuant to the Agreement the General Contractors agree to construct a new 744,000 square feet industrial facility (the “New Facility”), to be located at the V-03-1 plot of Wangchun Industrial Park in Ningbo, China. The New Facility will be used to expand Global’s current design and manufacturing capabilities. The construction of the New Facility is anticipated to begin on March 10, 2018 and has a targeted completion date of September 1, 2019.