Note 8 - Debt and Other Financing Arrangements

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Debt Disclosure [Text Block]

8. 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,

October 30, 2017,

and

December 2, 2019.

The terms of the arrangement are detailed in the

10

-K.

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

2.8%

and

3.5%

for the

three

and

six

months ended

June 30, 2020.

The interest expense was

$19

thousand and

$44

thousand for the

three

and

six

months ended

June 30, 2020,

respectively. As of

June 30, 2020,

the weighted average interest rate was

3.3%

and there was

$2.3

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

June 30, 2020.

The annual principal repayment requirements for debt obligations as of

June 30, 2020

were as follows (in

000's

):

2020	$	340
2021		688
2022		664
2023		294
2024		305
Long-term debt from equipment financing		2,291
Less current portion of long-term debt		(683	)
Long-term debt from equipment financing, net of current portion		1,608
PPP Loan		2,181
Total long-term debt, net of current portion	$	3,789

1

See note

2.

for description of PPP Loan.