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(8) Line of Credit
9 Months Ended
Sep. 29, 2018
Commitments and Contingencies Disclosure [Abstract]  
(8) Line of Credit

(8)  Line of Credit 

In early November 2018, the Company renewed its $1.5 million revolving line of credit line with Santander Bank.  The agreement will mature on June 30, 2019.  The LOC is secured by the accounts receivable and other assets of the Company and has an interest rate of prime plus 100 basis points. Under the terms of the agreement, the Company is required to maintain its operating accounts with Santander Bank. The Company is also subject to certain financial covenants.  These include specific earnings levels, a targeted current ratio and a targeted debt to tangible net worth ratio at the end of subsequent quarters.  At September 29, 2018, the Company was in compliance with all existing covenants.  Also, at September 29, 2018 the Company had $900 thousand of borrowings under this LOC and its borrowing base at the time would have permitted an additional $600 thousand to have been borrowed.