Note 7 - Long-term Debt

3 Months Ended

Mar. 31, 2018

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,

at which time we expect it to be renewed. The credit facility also contains certain financial covenants which the Company was in compliance with as of

March 31, 2018

and

December 31, 2017.

The Company has a loan agreement with HSBC which is secured by a mortgage against our facility at

355

South Technology Drive, Central Islip, New York. 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, 2018

and

December 31, 2017

were

$2.9

million and

$3.0

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

1.75%

which was

3.56%

and

3.31%

at

March 31, 2018

and

December 31, 2017,

respectively.

The Company has an additional loan agreement with HSBC which is secured by a mortgage against our facility at

555

North Research Place, Central Islip, New York. The loan is payable in

60

consecutive monthly installments of approximately

$63,000

including interest. Interest accrues on the loan at the fixed rate of

3.91%.

The maturity date for the Note is

December 1, 2022.

The balances as of

March 31, 2018

and

December 31, 2017

were approximately

$10.3

million and

$10.4

million, respectively.