Note 7 - Long-term Debt

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Long-term Debt [Text Block]

NOTE

7:

     LONG-TERM DEBT

The Company has a revolving credit facility with HSBC Bank, USA, N.A. providing up to

$7

million, although the Company has never utilized this facility. This credit facility remains available until

September

1,

2018.

The credit facility also contains certain financial covenants which the Company was in compliance with as of

March

31,

2017

and

December

31,

2016.

The Company has a loan agreement with HSBC which is secured by a mortgage against our Central Islip facility. The loan is payable in

120

consecutive equal monthly installments of principal of

$25,000

plus interest thereon and a final balloon payment upon maturity in

March

2022.

The balances as of

March

31,

2017

and

December

31,

2016

were

$3.2

million and

$3.3

million respectively. Interest accrues on the loan, at our option, at the variable rate of LIBOR plus

1.75%

which was

2.1765%

at

March

31,

2017

and

December

31,

2016

respectively.