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Long-Term Debt
12 Months Ended
Dec. 31, 2017
Long-Term Debt [Abstract]  
Long-Term Debt
11.  Long-Term Debt

At December 31, 2017 and 2016, the Company had no long-term debt.

Line of Credit

BB&T Bank

We previously had a Master Loan and Security Agreement and Revolving Credit Note with BB&T that provided a $7.5 million revolving line of credit for the purpose of issuing stand-by letters of credit and providing working capital. Working capital advances accrued interest at a rate equal to the Wall Street Journal Prime Rate of Interest, floating with a floor of 4.5%.

In connection with the Citizen's Bank credit facility noted below, this agreement was modified in December 2016 to terminate the revolving line of credit, but maintain the outstanding letters of credit.

At December 31, 2017, the Company had three letters of credit with BB&T totaling $0.9 million, which have expired and are pending release by the bank and customer.
At December 31, 2017 and 2016, the cash collateral account totaled $1.0 million and $1.1 million, respectively, and was classified as restricted cash on the consolidated balance sheets.

Citizen's Bank

In December 2016, the Company entered into a three-year, $5.0 million revolving line of credit facility (RLOC) with Citizen's Bank on December 29, 2016, to fund general working capital needs, including acquisitions. Working capital advances bear interest of one-month LIBOR plus 2.25% per annum and letter of credit fees are 1.25% per annum. The Company is not required to maintain a restricted cash collateral account at Citizen's Bank for outstanding letters of credit and working capital advances. The credit facility agreement is subject to standard financial covenants and reporting requirements.
The maximum availability under the RLOC is subject to a borrowing base equal to 80% of eligible accounts receivable, and is reduced for any issued and outstanding letters of credit and working capital advances.  At December 31, 2017, there were no outstanding borrowings on the RLOC and three letters of credit totaling $0.8 million. The amount available at December 31, 2017, after consideration of the borrowing base, letters of credit and working capital advances was approximately $4.0 million.
The credit facility agreement is subject to standard financial covenants and reporting requirements. At December 31, 2017, the Company was in compliance with its financial covenants.