Line of Credit and Debt Obligations

6 Months Ended

Jun. 25, 2016

Debt Disclosure [Abstract]

Line of Credit and Debt Obligations

Note 10. Line of Credit and Debt Obligations

Line of Credit - The Company’s revolving line of credit facility of up to $12.0 million expired on May 30, 2016 and was not renewed. The revolving line of credit agreement included a provision for the issuance of commercial or standby letters of credit by the bank on behalf of the Company. The value of all letters of credit outstanding reduced the total line of credit available. The revolving line of credit was collateralized by a blanket lien on all of the Company’s domestic assets excluding intellectual property and real estate. The minimum borrowing interest rate was 3.00% per annum.  Borrowing was limited to the lesser of (a) $12.0 million plus the borrowing base, or (b) $20.0 million.