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Long-Term Debt
 12 Months Ended
Dec. 31, 2017
Debt Disclosure [Abstract]  
Long-Term Debt
4. Long-Term Debt

 

    December 31,     December 31,  
    2017     2016  
    ($000's omitted)  
Term loan payable to a financial institution; Interest rate option of bank prime or Libor plus 1.4% (2.76% as of December 31, 2017), monthly prinicipal payments of $21,833 through 2021 with a balloon payment of $786,000 due December 1, 2021   $ 1,835     $ 2,096  
                 
Term loan payable to a financial institution; Interest rate option of bank prime or Libor plus 1.4% (2.76% as of December 31, 2017), monthly prinicipal payments of $23,810 through December 1, 2021     1,142       1,428  
                 
Lease line of credit for equipment; Interest rate fixed for term of each funding based upon the Lender's lease pricing at time of funding. (Interest rate/factor 1.822758% - 1.831742% at time of funding)     654       -  
      3,631       3,524  
Less current portion     (681 )     (548 )
    $ 2,950     $ 2,976  

 

Principal maturities of long-term debt are as follows: 2019 - $681,000, 2020 - $681,000 and 2021 - $1,467,000, 2022 - $121,000. 

 

The Company also has a $2,000,000 line of credit on which there was no balance outstanding at December 31, 2017 and December 31, 2016.

 

The term loans and line of credit 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 December 31, 2017 and December 31, 2016 the Company was in compliance with these covenants.

  

The Company established a lease line of credit for equipment financing in the amount of $1,000,000 available until June 28, 2018. This line is non-revolving and non-renewable. The lease term for equipment covered by the lease line of credit is 60 months. Monthly payments will be fixed for the term of each funding based upon the Lender’s lease pricing in effect at the time of such funding. There was approximately $654,000 outstanding at December 31, 2017.