Note 6 - Debt

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Debt Disclosure [Text Block]

6

. Debt

On

September 30, 2015,

we entered into a series of lending agreements with our primary lender which included agreements for a term loan and a revolving credit facility. The term loan was repaid in

2018

and the revolver has been periodically amended and extended.

Effective with a

September 11, 2018

amendment, the revolving line of credit’s maximum borrowing amount was

$750,000.

The revolver’s maturity date was

April 29, 2019

and the revolver’s interest rate was based on the

30

-day LIBOR plus

2.25%.

As of

December 31, 2018,

there were

no

outstanding borrowings on the revolving line of credit. In

January 2019,

the Company borrowed

$500,000

under its revolving line of credit.

Effective with a

March 25, 2019

amendment, the revolving line of credit’s maturity date was extended to

April 28, 2020

and the interest rate was revised to the

30

-day LIBOR plus

3.00%.

As amended, the revolver’s maximum borrowing amount remains

$750,000.

At

March 31, 2019,

outstanding borrowings under the revolving line of credit are

$500,000

at an interest rate of

4.73%.

Borrowings under the lending agreement continue to be secured by all of our tangible and intangible assets and by a mortgage on the real estate of our headquarters facility. At

March 31, 2019,

the Company was in compliance with its loan covenant requirements.