Note 9 - Notes Payable

12 Months Ended

Dec. 31, 2015

Notes to Financial Statements

Debt Disclosure [Text Block]

9. Notes Payable

The Company maintains a credit facility with Wells Fargo Bank that expires in May 2016. Pursuant to the terms of the credit facility, the Company has borrowing capacity up to $3,500,000 based on eligible accounts receivable and inventories. The credit facility bears interest at prime plus 0.5% (prime rate was 3.50% and 3.25% as of December 31, 2015 and 2014, respectively) and is collateralized by accounts receivable, inventories, trademarks, patents and property and equipment. Under the terms of the facility, the Company pays a 0.6% unused loan fee, on a quarterly basis.

As of December 31, 2015, the Company had no outstanding borrowings on its line of credit and no other debt.