DEBT (Tables)

12 Months Ended

Dec. 31, 2016

DEBT [Abstract]

Debt

Debt consists of the following:

	December 31,
	2015			2016
Revolving credit agreement with a bank not to exceed $2.0 million, at a LIBOR rate plus 2.90%, collateralized by substantially all of the assets of the Company, due in March 2018.		207,578			-
Prepaid Loan Fees		-			-
Revolving credit agreement with a bank not to exceed $2.0 million, at a LIBOR rate plus 3.75%, collateralized by substantially all of the assets of the Company, due in March 2018.		-			945,682
Prepaid Loan Fees		-			(94,676	)
$10.0 million reducing revolving loan with a bank, at a LIBOR rate plus 2.90% with mandatory quarterly payments of approximately $500,000, collateralized by substantially all of the assets of the Company, due in March 2021.		10,000,000			-
$10.0 million reducing revolving loan with a bank, at a LIBOR rate plus 3.75% with mandatory quarterly payments of approximately $500,000, collateralized by substantially all of the assets of the Company, due in March 2021.		-			9,000,000
		10,207,578			9,851,006
Less - current maturities		(1,500,000	)		(2,500,000	)
Long-term debt, net of current maturities	$	8,707,578		$	7,351,006

Maturities of Long-Term Debt

The scheduled maturities of debt are as follows:

Year	Amount
2017	$	2,500,000
2018		2,851,006
2019		2,000,000
2020		2,000,000
2021		500,000
	$	9,851,006