Long-Term Debt

12 Months Ended

Dec. 31, 2014

4.	Long-Term Debt

	December 31,			December 31,
	2014			2013
	($000’s omitted)
Term loan payable to a financial institution;
interest rate option of bank prime or Libor plus 1.4% (3.25% at December 31, 2014); monthly principal payments of $21,833 through 2020 with a final payment of $786,000 due December 1, 2021	$	2,620		$	-

Term loan payable to a financial institution;
interest rate option of bank prime or Libor plus 1.4% (3.25% at December 31, 2014); monthly principal payments of $23,810 through December 2021		2,000			-

Industrial Development Revenue Bonds; secured by an equivalent letter of credit from a bank with interest payable monthly at a floating rate, paid in full during fourth quarter of 2014		-			2,620

Secured term loan payable to a government agency;
monthly payments of $1,950 including interest fixed at 3%, paid in full during fourth quarter of 2014		-			42

		4,620			2,662

Less current portion		(548	)		(2,641	)

	$	4,072		$	21

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.

Principal maturities of long-term debt are as follows: 2015 - $548,000, 2016 - $548,000, 2017 - $548,000, 2018 - $548,000, 2019 - $548,000 and thereafter - $1,880,000.

The Company also has an unsecured $2,000,000 line of credit on which there was no balance outstanding at December 31, 2014 or 2013.

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, 2014 and 2013, the Company was in compliance with its debt covenants.