Note 4 - Credit Facility

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

4. CREDIT FACILITY

The Company maintains a $5.0 million revolving bank credit facility that is scheduled to mature on December 19, 2016. The applicable interest rate on outstanding balances is LIBOR plus 1.0% to 1.5% based on certain factors included in the credit agreement. At both December 31, 2014 and December 31, 2013, the Company’s interest rate on the $3.5 million outstanding balance was 1.7%. The unused portion of the credit facility was subject to an unused facility fee ranging from .25% to .75% depending on total deposits with the creditor. All borrowings under this facility were secured by marketable securities. The outstanding balance of $3.5 million as of December 31, 2014 and 2013 was classified as short-term debt and long-term debt, respectively, on the Company’s consolidated balance sheets. Subsequent to December 31, 2014 and prior to the Company’s filing of the consolidated financial statements, the outstanding balance on the credit facility was repaid using approximately $3.4 million of funds generated by the liquidation of marketable securities and approximately $100,000 of cash from the Company’s operating account. In addition, the Company is in the final stages of negotiating an agreement for a new revolving credit facility with another bank lender that would replace the existing credit facility, and which management believes would include terms and conditions that, on the whole, are more favorable to the Company than the existing credit facility.