DEBT	9 Months Ended
Sep. 30, 2019
DEBT
DEBT	NOTE 8 – DEBT In October 2010, the Company entered into a Loan and Security Agreement (“Credit Agreement”) with an affiliate of Capital One, National Association (“Capital One” or the “Bank”). The Credit Agreement, as amended and restated in April 2017 and further amended from time-to-time, among other things, provides the ability to borrow funds under a $16,000,000 revolver line ("Revolver "), subject to certain borrowing base criteria. Additionally, there is a $2,000,000 line for capital expenditures ("Capex Loan"), with $1,600,000 available for future borrowings. Revolver and Capex Loan borrowings are secured by the Company’s accounts receivable, inventory, equipment, real property among other things. In June 2019, the Company repaid the principal amount of $100,000 under a Tranche A Term Loan, as defined in the Credit Agreement. P&F and certain of its subsidiaries are borrowers under the Credit Agreement, and their obligations are cross-guaranteed by certain other subsidiaries. The Credit Agreement has an expiration date of February 8, 2024. At the Company’s option, Revolver borrowings bear interest at either LIBOR (“London interbank Offered Rate”) or the Base Rate, as the term is defined in the Credit Agreement, plus an Applicable Margin, as defined in the Credit Agreement. The Company is subject to limitations on the number of LIBOR borrowings. SHORT–TERM BORROWINGS At September 30, 2019, short-term or Revolver borrowing was $1,789,000, compared to $2,096,000, at December 31, 2018. Applicable Margin Rates at September 30, 2019 and December 31, 2018 for LIBOR and Base Rates were 1.50% and 0.50%, respectively. Additionally, at September 30, 2019 and December 31, 2018, there was approximately $13,500,000 and $12,024,000, respectively, available to the Company under its Revolver arrangement. The average balance of short-term borrowings during the three and nine-month periods ended September 30, 2019 were $1,195,000 and $3,774,000, compared to $4,060,000 and $2,834,000 for the same periods in 2018.

NOTE 8 – DEBT

In October 2010, the Company entered into a Loan and Security Agreement (“Credit Agreement”) with an affiliate of Capital One, National Association (“Capital One” or the “Bank”). The Credit Agreement, as amended and restated in April 2017 and further amended from time-to-time, among other things, provides the ability to borrow funds under a $16,000,000 revolver line ("Revolver "), subject to certain borrowing base criteria. Additionally, there is a $2,000,000 line for capital expenditures ("Capex Loan"), with $1,600,000 available for future borrowings. Revolver and Capex Loan borrowings are secured by the Company’s accounts receivable, inventory, equipment, real property among other things. In June 2019, the Company repaid the principal amount of $100,000 under a Tranche A Term Loan, as defined in the Credit Agreement. P&F and certain of its subsidiaries are borrowers under the Credit Agreement, and their obligations are cross-guaranteed by certain other subsidiaries. The Credit Agreement has an expiration date of February 8, 2024.

At the Company’s option, Revolver borrowings bear interest at either LIBOR (“London interbank Offered Rate”) or the Base Rate, as the term is defined in the Credit Agreement, plus an Applicable Margin, as defined in the Credit Agreement. The Company is subject to limitations on the number of LIBOR borrowings.

SHORT–TERM BORROWINGS

At September 30, 2019, short-term or Revolver borrowing was $1,789,000, compared to $2,096,000, at December 31, 2018. Applicable Margin Rates at September 30, 2019 and December 31, 2018 for LIBOR and Base Rates were 1.50% and 0.50%, respectively. Additionally, at September 30, 2019 and December 31, 2018, there was approximately $13,500,000 and $12,024,000, respectively, available to the Company under its Revolver arrangement.

The average balance of short-term borrowings during the three and nine-month periods ended September 30, 2019 were $1,195,000 and $3,774,000, compared to $4,060,000 and $2,834,000 for the same periods in 2018.