Note 8 - Long-term Debt

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Long-term Debt [Text Block]

Note

8

– Long-term Debt

Long-term debt as of December 31 consists of the following:
	2018			2017
HSBC $10,387,500 Mortgage payable secured by real property Buildings and improvements at 555 N Research Drive, Central Islip, NY payable in monthly principle installments of $62,481 including Interest at a rate of 3.9148% maturing on December 1, 2022.	$	10,043,802		$	10,387,500
MesoScribe Technologies, Inc. $300,000 acquisition related contingent payment		200,000			300,000
HSBC $6,000,000 Mortgage payable secured by building Buildings and improvements at 355 South Technology Drive, Central Islip, NY payable in monthly principle installments of $25,000 plus interest. Interest presently accrues at our option, at the variable rate of LIBOR plus 1.75% or HSBC’s Prime rate minus 0.50% The loan matures on March 1, 2022.		2,665,508			2,965,507
Total long-term debt	$	12,909,310		$	13,653,007
Less: Current maturities		(857,590	)		(747,324	)
Long-term debt	$	12,051,720		$	12,905,683

Future maturities of long-term debt as of

December 31, 2018

are as follows:

2019	$	857,590
2020		674,593
2021		690,813
2022		10,686,314
2023		-
Thereafter		-
Total long-term debt	$	12,909,310