Note 9 - Debt and Other Financing Arrangements

9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Debt Disclosure [Text Block]

9. Debt and Other Financing Arrangements

On

March 20, 2014,

the Company entered into an equipment financing arrangement (“Loan Agreement”) with Banc of America Leasing & Capital, which it amended on

August 8, 2014,

September 15, 2015

and

October 30, 2018.

The terms of the arrangement are detailed in the

10

-K.

The weighted average interest rate on outstanding debt under the Loan Agreement was

4.0%

and

4.2%

for the

three

and

nine

months ended

September 30, 2019,

respectively. The interest expense was

$14

thousand and

$46

thousand for the

three

and

nine

months ended

September 30, 2019,

respectively. As of

September 30, 2019,

the interest rate was

3.9%

and there was

$1.3

million of outstanding debt related under the loan agreement. The Company was in compliance with all loan covenants as of

September 30, 2019.

The annual principal repayment requirements for debt obligations as of

September 30, 2019

were as follows (in

000’s

):

2019	$	104
2020		416
2021		416
2022		380
Total long-term debt		1,316
Less current portion of long-term debt		(416	)
Total long-term debt, net of current portion	$	900