Note 7 - Debt

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Long-term Debt [Text Block]

NOTE 7: DEBT

The Company has a revolving credit facility with HSBC Bank, USA, N.A. (“HSBC”) 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, all of which the Company was in compliance with at

June 30, 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.

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

1.75%

which was

2.97%

and

2.52%

at

June 30, 2017

and

December 31, 2016

respectively. The principal balances on the mortgage at

June 30, 2017

and

December 31, 2016

were approximately

$3.1

and

$3.3

million respectively.