Annual report pursuant to Section 13 and 15(d)

Note 9 - Long-term Debt Instruments (Details)

v3.3.1.900
Note 9 - Long-term Debt Instruments (Details) - USD ($)
$ in Thousands
Dec. 31, 2015
Dec. 31, 2014
Revolving Credit [Member]    
Long-term Debt $ 2,349 [1]
Term Loan [Member]    
Long-term Debt 6,666 [1] $ 8,952
Promissory Note Dated August 2, 2013 [Member]    
Long-term Debt $ 950 2,363
Promissory Note Dated February 12, 2013 ("New Note") [Member]    
Long-term Debt 10
Long-term Debt $ 9,988 11,372
Capital lease (interest at rate of 6.0%) 23 47
Less current portion of long-term debt 2,458 3,733
$ 7,530 $ 7,639
[1] As discussed in Note 17 - "Subsequent Events," on March 24, 2016, the Company entered into an amendment to its Amended Loan Agreement (see discussion below), dated October 31, 2011, with PNC Bank, National Association ("PNC") which extended the due date of our current Credit Facility from October 31, 2016 to March 24, 2021 (the amendment, together with the Amended Loan Agreement, is collectively known as the "Revised Loan Agreement"). Pursuant to the Revised Loan Agreement, the revolving line of credit is to remain at up to $12,000,000 (subject to the amount of borrowings based on a percentage of eligible receivables as previously defined under the Amended Loan Agreement) with the term loan revised to $6,100,000, with monthly payment of approximately $102,000. In accordance with ASC 470, "Debt," this post balance-sheet date agreement demonstrated the Company's ability to refinance its short-term obligations on a long-term basis; therefore, the Company has reclassified the current portion of the outstanding debt to long-term except for $1,486,000 in principal payments that will be due by December 31, 2016 (see Note 17 - "Subsequent Events" for further details of this Revised Loan Agreement).