Note 20 - Subsequent Event

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Subsequent Events [Text Block]

NOTE

20—SUBSEQUENT

EVENT

On

March 13, 2019,

the Company’s wholly owned subsidiary, Specialized Technology Resources España S.A.U. (“STR Spain”) entered into a Loan with Mortgage Guarantee (the “Loan Agreement”) with the Regional Society of Promotion of the Principality of Asturias, SA (the “Lender”), for a term loan (the “Loan”) in the aggregate principal amount of a

€2,000

(

$2,294

as of

December 31, 2018).

STR Spain is required to use the loan proceeds to help finance the launch and operation of its food packaging business. The Loan matures on

December 31, 2025,

with principal due and payable in equal quarterly installments of

€100

each, commencing on

March 31, 2021.

Interest, which is payable quarterly in arrears, accrues at the annual EURIBOR rate (as such term is defined in the Loan agreement) plus an applicable margin. During the

first

two

years, the applicable margin is

2%,

and thereafter increases by

1%

per year until the applicable margin is

5%

in the

fifth

year of the Loan. The Loan

may

be prepaid at any time without premium or penalty. The Loan is secured by a mortgage of STR Spain’s business and facilities, and contains customary covenants, including a covenant prohibiting STR Spain from making distributions to the Company, as sole shareholder, without the prior approval of the lender. In connection with the Loan, the Company has separately agreed to provide STR Spain with resources to support the Loan and the continuity of the packaging initiative.