Note 17 - Subsequent Events

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Subsequent Events [Text Block]

17. Subsequent Events

On

March 2, 2020,

the Company announced that its New Credit Facility was amended to change the loan covenants, effective as of

December 31, 2019.

Among other things, the amendment to the New Credit Facility amends the financial covenants set forth in the New Credit Facility to: (i) remove the required minimum fixed charge coverage ratio; (ii) add a maximum annual aggregate capital expenditures covenant of

$10.5

million for fiscal year

2020

and

$10.0

million for each year fiscal year thereafter; (iii) modify the required maximum leverage ratio to the following maximum levels for each fiscal quarter end during the following periods (A)

3.50:1.00

for any fiscal quarter ending during the period from

October 1, 2019

through

March 30, 2021, (

B)

3.25:1.00

for any fiscal quarter ending during the period from

April 1, 2021

through

December 31, 2021,

and (C)

3.00:1.00

for any fiscal quarter ending on or after

January 1, 2022;

and (iv) add a new minimum debt service coverage ratio covenant of

not

less than

1.75:1.00,

measured as of the end of each fiscal quarter. The executed amendment was filed on Form

8

-K on

March 3, 2020.

See

Note

7,

Notes Payable,

for additional information about the New Credit Facility.