Debt and Senior Secured Convertible Notes

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Debt and Senior Secured Convertible Notes

7. DEBT AND SENIOR SECURED CONVERTIBLE NOTES

Debt at March 31, 2015 and December 31, 2014 consists of:

	March 31, 2015			December 31, 2014
Working capital revolving line of credit	$	4,000		$	4,000
Total debt		4,000			4,000
Less current portion		(4,000	)		(4,000	)
Long-term debt	$	—		$	—

In April 2015, the Company amended its foreign working capital revolving line of credit with Comerica to extend the maturity date of June 30, 2015 by 15 months to September 30, 2016. The line of credit remains at $6,000, with the available borrowing base being limited to the amount of collateral available at the time the line is drawn. All other significant terms of the line of credit remained the same. The renegotiated loan agreement with Comerica contains a financial covenant which requires the Company to maintain unencumbered liquid assets having a value of at least $1,500 at all times.

At March 31, 2015, there was $4,000 outstanding on the revolving line of credit as well as approximately $2,000 outstanding in performance and warranty letters of credit guaranteed on behalf of four customers and the Company had a net maximum supported borrowing base, in excess of loans outstanding, of $0. The Company was in compliance with all covenants under this credit facility in all periods.