Long-Term Debt

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Long-Term Debt

5. Long-Term Debt

	2017			2016
	($000's omitted)
Term loan payable to a financial institution; Interest rate option of bank prime or Libor plus 1.4% (2.45% as of June 30, 2017), monthly prinicipal payments of $21,833 through 2021 with a balloon payment of $786,000 due December 1, 2021	$	1,943		$	2,096
Term loan payable to a financial institution; Interest rate option of bank prime or Libor plus 1.4% (2.45% as of June 30, 2017), monthly prinicipal payments of $23,810 through December 1, 2021		1,286			1,428
		3,229			3,524
Less current portion		(548	)		(548	)
	$	2,681		$	2,976

The Company had a $2,000,000 line of credit available until June 21, 2017, which is intended to be renewed under similar terms in the third quarter of 2017. There was no balance outstanding at June 21, 2017 and December 31, 2016.

The term loans are secured by all personal property of the Company with the exception of certain equipment that was purchased from proceeds of government grants.

Certain lenders require the Company to comply with debt covenants as described in the specific loan documents, including a debt service ratio. At June 30, 2017 and December 31, 2016 the Company was in compliance with these covenants.