(6)

DEBT

Debt consists of the following:

	December 31,
	2013		2014

Revolving credit agreement with a bank not to exceed $12.0 million, at either, or a combination of, the lender’s Prime Rate (3.25% at December 31, 2014) or a LIBOR rate plus 1.15% (1.31% at December 31, 2014), collateralized by substantially all of the assets of the Company, due in September 2016 (the "Credit Facility").		8,091,790		9,833,453

Long-term debt	$	8,091,790	$	9,833,453

Credit Facility

On September 13, 2013, the Company entered into a Credit Agreement with Compass Bank, which was amended on February 12, 2014 and August 8, 2014 (the “Credit Facility”). The Credit Facility allows the Company to borrow, on a revolving basis, an aggregate principal amount not to exceed $12.0 million. Interest is computed at either the lender’s prime rate or at LIBOR rate plus 1.15% in effect from time to time at the Company’s option. As of December 31, 2014, the Company’s LIBOR borrowing rate was 1.31% and the prime rate borrowing rate was 3.25%. A commitment fee on the average daily unused amount of the revolving loan commitment is also assessed at a rate of 0.25% per annum, and is payable quarterly in arrears. At December 31, 2014, the Company had approximately $9.8 million LIBOR rate borrowings outstanding and approximately $2.2 million available for borrowing under the Credit Facility. The loan matures on September 13, 2016. The Credit Facility is collateralized by substantially all of the assets of the Company. The Credit Facility requires the Company to comply with certain affirmative and negative covenants, including maintaining (i) a debt-to-EBITDA ratio of no more than 2.45 to 1.00 for the year ended December 31, 2014, 2.15 to 1.00 for the twelve months ending June 30, 2015, 2.05 to 1.00 for the year ending December 31, 2015, and 2.00 to 1.00 for the twelve months ending June 30, 2016, and (ii) a fixed charge coverage ratio of not less than 1.25 to 1.00. At December 31, 2014, the Company was in compliance with the Credit Facility covenants.

Term Loan

On September 13, 2013, the Company terminated its credit facility and term loan with KeyBank National Association (“KeyBank”). The Company used borrowings under the Credit Facility to repay the outstanding $4.6 million principal amount plus accrued interest under the KeyBank credit facility and $3.6 million principal amount plus accrued interest under the term loan.

Scheduled Maturities

The scheduled maturities of debt are as follows:

Years	Amount

2015		-
2016		9,833,453

	$	9,833,453