Note 4 - Notes Payable

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Debt Disclosure [Text Block]

4. NOTES PAYABLE

The balance on the Company’s term note was paid in full in

March 2018.

As of

March 31, 2018,

the Company also had a revolving credit note with a maturity date of

June 30, 2018.

As of

March 31, 2018,

the revolving credit note did

not

have a balance and the Company had the capacity to borrow

$12.0

million. The revolving credit note was terminated in

April 2018

when the Company entered a new credit agreement, as described in Note

10.

The term note and revolving credit note were secured by certain of the Company’s assets, including the Company’s land, building, trade accounts receivable and intangible assets. The term note and revolving credit note contained various restrictions and covenants applicable to the Company, including requirements that the Company maintain certain financial ratios at prescribed levels and restrictions on the ability of the Company to consolidate or merge, create liens, incur additional indebtedness or dispose of assets. As of

March 31, 2018,

the Company was in compliance with its financial covenants.