Note 11 - Subsequent Events |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2016 | |||
| Notes to Financial Statements | |||
| Subsequent Events [Text Block] |
Credit Facility As discussed in Note 6 – “Long Term Debt”, on May 23, 2016, the Company’s lender waived the Company’s non-compliance with its minimum quarterly fixed charge coverage ratio
for the first quarter of 2016. In connection with this waiver, the Company paid PNC a fee of $5,000 .
Perma-Fix of Michigan, Inc. (“PFMI”) On May 2, 2016, PFMI entered into an Agreement as to the sale of the property which it formerly operated on for a sale price of $450,000 (see Note 8- “Discontinued Operations” for further information of PFMI). The Agreement provides for a down payment of approximately $75,000 which after certain closing and settlement costs, PFMI received approximately $36,000. The Agreement also provides for, among other things, the balance of the purchase price of $375,000 to be paid by the buyer in 60 equal monthly installment of approximately $7,250, with the first payment due June 15, 2016. PFMI retains legal title to the property until the buyer fulfills the obligations under the Contract except under limited conditions. |