Note 11 - Factoring Arrangement

6 Months Ended

Jun. 30, 2019

Notes to Financial Statements

Factoring Arrangement Disclosure [Text Block]

NOTE

11—FACTORING

ARRANGEMENT

In

October 2015,

the Company’s wholly owned Spanish subsidiary, STR Spain, entered into a factoring agreement to sell, with recourse, certain European, U.S. and other foreign company-based receivables to Eurofactor Hispania S.A.U., who was later acquired by Credit Agricole Leasing and Factoring Sucursal en España during the

first

quarter of

2017.

Under the current terms of the factoring agreement, the maximum amount of outstanding advances at any

one

time is

€1,500

(approximately

$1,706

as of

June 30, 2019),

which is subject to adjustment based on the level of eligible receivables, restrictions on concentrations of receivables and the historical performance of the receivables sold. The annual discount rate is

2%

plus EURIBOR for Euro denominated receivables and

2%

plus LIBOR for all other currencies. The term of the agreement is for

one

year, which will be automatically extended unless terminated by either party with

90

days prior written notice. As of

June 30, 2019

and

December 31, 2018

the Company has recorded

$209

and

$374,

respectively, as due to factor on the Condensed Consolidated Balance Sheets.