Long-Term Debt

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Long-Term Debt

4. Long-Term Debt

	December 31,			December 31,
	2018			2017
	($000's omitted)
Term loan payable to a financial institution; Interest rate  option of bank prime or Libor plus 1.4% (3.7492% as of   December 31, 2018), monthly prinicipal payments of    $21,833 through 2021 with a balloon payment of   $786,000 due December 1, 2021	$	1,572		$	1,835
Term loan payable to a financial institution; Interest rate  option of bank prime or Libor plus 1.4% (3.7492% as of   December 31, 2018), monthly prinicipal payments of    $23,810 through December 1, 2021		857			1,142
Lease line of credit for equipment; Interest rate fixed for term of   of each funding based upon the Lender's lease pricing at   time of funding. (Interest rate/factor 1.822758% - 1.869304%   at time of funding)		704			654
		3,133			3,631
Less current portion		(723	)		(681	)
	$	2,410		$	2,950

Principal maturities of long-term debt are as follows: 2019 - $723,000, 2020 - $723,000, 2021 - $1,509,000, 2022 - $165,000, and 2023 - $13,000.

The Company also has a $2,000,000 line of credit on which there was no balance outstanding at December 31, 2018 and December 31, 2017. The interest rate is a rate per year equal to the bank’s prime rate or Libor plus 1.4%.

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, 2018 and December 31, 2017 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 with initial borrowings available until June 28, 2018. The lease term for equipment covered by the lease line of credit is sixty months. Monthly payments are fixed for the term of each funding based upon the Lender’s lease pricing in effect at the time of such funding. Each lease is secured by the underlying equipment.

Remaining principal payments for the capital lease obligations for each of the next five years:

			December 31,
			2018
			($000's omitted)
	2019		193
	2020		193
	2021		193
	2022		193
	2023		4
Total principal payments			776
Less amount representing interest			(72)
Present value of net minimum lease payments			704
Less current portion			(175)
Long term principle payments		$	529