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Note 7 - Long-term Debt
3 Months Ended
Mar. 31, 2022
Notes to Financial Statements  
Long-Term Debt [Text Block]

NOTE 7:         LONG-TERM DEBT

 

The Company had a loan agreement with HSBC which was secured by a mortgage against its Central Islip, NY Headquarters. The loan was payable in 120 consecutive equal monthly installments of $25,000 in principal plus interest and a final balloon payment upon maturity on March 1, 2022. The balance as of December 31, 2021 was approximately $1.8 million. Interest accrued on the Loan, at the Company’s option, at the variable rate of LIBOR plus 1.75% or Prime less 0.5% (1.86% at December 31, 2021). According to the terms of the agreement the loan was satisfied on March 1, 2022.