Note 8 - Long-Term Debt

12 Months Ended

Dec. 31, 2013

Disclosure Text Block [Abstract]

Long-term Debt [Text Block]

Note 8 – Long-term Debt

Long-term debt as of December 31 consists of the following:

	2013		2012
HSBC BANK USA, NA
$2,100,000 5 year term loan payable in monthly installments of $35,000 plus interest on the unpaid principal balance which accrues at a fixed rate of 3.045%. This term loan is secured by $1 million, provided that, so long as no event of default has occurred and is then continuing, HSBC will release $200,000 of the collateral on each anniversary of the closing date. On August 5, 2012 HSBC released $200,000, to reduce the collateral to $800,000. HSBC did not release any funds in 2013, as we were not in compliance with the terms of one of the covenants of the agreement.	$	1,120,000	$	1,540,000
GENERAL ELECTRIC CAPITAL CORPORATION
$2,700,000 Mortgage payable secured by real property, building and improvements at 1860 Smithtown Avenue, Ronkonkoma, NY pursuant to an installment sale agreement with the Town of Islip Industrial Development Agency; This amount was paid in full on April 5, 2013.		-----		1,007,841
HSBC BANK USA, NA
$6,000,000 Mortgage payable secured by real property Buildings and improvements at 355 South Technology Drive, Central Islip, NY payable in monthly principle installments of $25,000 plus interest. Interest presently accrues at our option, at the variable rate of LIBOR plus 1.75% or HSBC’s prime rate minus 0.50% The loan matures on March 1, 2022.		4,165,508		5,775,000
Totals		5,285,508		8,322,841
Less: Current maturities		720,000		935,822
Long-term debt		4,565,508		7,387,019

Future maturities of long-term debt as of December 31, 2013 are as follows:

2014	$	720,000
2015		720,000
2016		580,000
2017		300,000
2018		300,000
Thereafter		2,665,508
	$	5,285,508

As of December 31, 2013, we were not in compliance with the terms of the covenants in both HSBC Bank, USA, N.A. loan agreements. We received waivers on the agreements.