Quarterly report pursuant to Section 13 or 15(d)

Long Term Debt (Tables)

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Long Term Debt (Tables)
 9 Months Ended
Sep. 30, 2017
Debt Disclosure [Abstract]  
Schedule of Long-term Debt

Long-term debt consists of the following at September 30, 2017 and December 31, 2016:

 

(Amounts in Thousands)   September 30, 2017     December 31, 2016  
Revolving Credit facility dated October 31, 2011, as amended, borrowings based upon eligible accounts receivable, subject to monthly borrowing base calculation, balance due March 24, 2021. Effective interest rate for the first nine months of 2017 was 4.2%. (1)   $ ─     $ 3,803  
Term Loan dated October 31, 2011, as amended, payable in equal monthly installments of principal of $102, balance due on March 24, 2021. Effective interest rate for first nine months of 2017 was 4.5%. (1) (2)     4,143 (3)     5,030 (3)
Total debt     4,143       8,833  
Less current portion of long-term debt     1,184       1,184  
Long-term debt   $ 2,959     $ 7,649  

 

(1) Our revolving credit facility is collateralized by our accounts receivable and our term loan is collateralized by our property and equipment.

 

(2) Prior to April 1, 2016, the monthly installment payment under the term loan was approximately $190,000.

 

(3) Net of debt issuance costs of ($124,000) and ($151,000) at September 30, 2017 and December 31, 2016, respectively.