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Line of Credit and Equipment Financing
12 Months Ended
Dec. 31, 2018
Equipment Financing [Abstract]  
Line of Credit and Equipment Financing

Note 7—Line of Credit and Equipment Financing

The Company had a line of credit with a bank allowing for borrowing up to $0.3 million, collateralized by personal property of the Company and guaranteed by a shareholder of the Company, with interest at 4.5% per year. The line of credit expired on September 1, 2017.

During 2016, the Company entered into two loan agreements to finance equipment placed in physician’s offices under monthly rental contracts. The loans bear interest at 8%. One loan expired in February 2019 and the other loan expires in August 2019.  Interest expense for the years ended December 31, 2018 and 2017 associated with these transactions was $2,000 and $4,000, respectively. The outstanding balance at December 31, 2018 was $19,000 and included in equipment financing.

During 2018, the Company entered into four loan agreements to finance 25 automobiles. The loans expire in 2021 and bear interest at a weighted average interest rate of 6.5%. These loans are secured by the automobiles. Interest expense for the year ended December 31, 2018 was $8,000. The outstanding balance at December 31, 2018 was $0.8 million and included in equipment financing.

Future maturities are as follows (in thousands):

 

Years ending December 31,

 

 

 

 

2019

 

$

293

 

2020

 

 

292

 

2021

 

 

265

 

Total

 

$

850