Note 6 - Debt

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Debt Disclosure [Text Block]

6 . Debt

As of

March 31, 2018,

the Company’s term loan under its credit facility had a balance of

$25.9

million. The net availability under the revolving credit line under the credit facility is based upon our eligible accounts receivable and inventory and is computed as follows (in thousands):

	March 31,			December 31,
	2018			2017
Revolver:
Gross availability	$	10,000		$	10,000
Outstanding draws		-			-
Letter of credit		(750	)		(750	)
Landlord reserves		(68	)		(45	)
Net availability	$	9,182		$	9,205

The Company had future maturities of its term loan as of

March 31, 2018

as follows (in thousands):

	2018			2019			2020			2021			Total
Term Loan	$	2,300		$	3,067		$	3,067		$	17,436		$	25,870
Unamortized value of the debt issuance costs		(22	)		(30	)		(30	)		(30	)		(112	)
Total	$	2,278		$	3,037		$	3,037		$	17,406		$	25,758

The following is a breakdown of the Company’s current and long-term debt as follows (in thousands):

March 31, 2018										December 31, 2017
	Current Portion of Long-Term Debt			Long-Term Debt			Total				Current Portion of Long- Term Debt			Long-Term Debt			Total
Term Loan	$	3,067		$	22,803		$	25,870		Term Loan	$	3,067		$	25,444		$	28,511
Unamortized value of the debt issuance costs		(28	)		(84	)		(112	)	Unamortized value of the debt issuance costs		(28	)		(92	)		(120	)
Total	$	3,039		$	22,719		$	25,758		Total	$	3,039		$	25,352		$	28,391

As of

March 31, 2018,

interest on the credit facility is payable at our option as a (i) Eurodollar Loan, which bears interest at a per annum rate equal to the applicable

30

-day London Interbank Offered Rate (“LIBOR”) plus an applicable margin ranging from

2.00%

to

3.00%

or (ii) CB Floating Rate (“CBFR”) Loan, which bears interest at a per annum rate equal to the greater of (a) the lender’s prime rate or (b) LIBOR plus

2.50%,

in each case, plus a margin ranging from -

1.00%

to

0.25%.

The actual rate at

March 31, 2018

was

4.63%

(LIBOR of

1.88%

plus

2.75%

).

As of

March 31, 2018,

we were in compliance with all debt related covenants under the credit facility.