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Line of Credit Agreement
12 Months Ended
Dec. 31, 2015
Line of credit  
Line of Credit Agreement  
Line of Credit Agreement

Note 13.—Line of Credit Agreement

           The Company had a $4.0 million working capital line of credit agreement with a national bank that had an interest rate at a variable rate of one-month LIBOR plus 3.50%. The line of credit was unsecured. Under the terms of the agreement, the Company and its subsidiaries were required to maintain various financial and other covenants. As previously discussed, in June 2015, the Company used approximately $4.0 million of the proceeds from the Term Financing to fully satisfy the remaining amount due on the line of credit agreement and terminated the line. At December 31, 2014, the outstanding balance under the line of credit was $4.0 million and was included in other liabilities on the consolidated balance sheets.

           The following table presents certain information on the line of credit for the periods indicated:

                                                                                                                                                                                    

 

 

For the year ended
December 31,

 

 

 

2015

 

2014

 

Maximum outstanding balance during the year

 

$

4,000 

 

$

4,000 

 

Average balance outstanding for the year

 

 

1,649 

 

 

1,599 

 

Weighted average rate for period

 

 

3.70 

%

 

3.88 

%