4.	Long-Term Debt

	December 31, 2016			December 31, 2015
	($000’s omitted)
Term loan payable to a financial institution;
Interest rate option of bank prime or Libor plus 1.4% (2.02% as of December 31, 2016); monthly principal payments of $21,833 through 2021 with a balloon payment of $786,000 due December 1, 2021	$	2,096		$	2,358
Term loan payable to a financial institution;
Interest rate option of bank prime or Libor plus 1.4% (2.02% as of December 31, 2016); monthly principal payments of $23,810 through 2021		1,428			1,714
		3,524			4,072
Less current portion		(548	)		(548	)
	$	2,976		$	3,524

Principal maturities of long-term debt are as follows: 2018 - $548,000, 2019 - $548,000, 2020 - $548,000 and 2021 - $1,332,000.

The Company also has a $2,000,000 line of credit on which there was no balance outstanding at December 31, 2016 and December 31, 2015.

The term loans and line of credit are secured by all personal property of the Company with the exception of certain equipment that was purchased from proceeds of government grants.

Certain lenders require the Company to comply with debt covenants as described in the specific loan documents, including a debt service ratio. At December 31, 2016 and December 31, 2015 the Company was in compliance with these covenants.