Long-Term Debt

3 Months Ended

Mar. 31, 2015

5.	Long-Term Debt

	March 31, 2015			December 31, 2014
	(000’s omitted)
Term loan payable to a financial institution; Interest rate option of bank prime or Libor plus 1.4% (1.57% as of March 31, 2015); monthly principal payments of $21,833 through 2020 with a balloon payment of $786,000 due December 1, 2021	$	2,533		$	2,620

Term loan payable to a financial institution; Interest rate option of bank prime or Libor plus 1.4% (1.57% as of March 31, 2015); monthly principal payments of $23,810 through 2021		1,928			2,000
		4,461			4,620
Less current portion		(548	)		(548	)
	$	3,913		$	4,072

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.

The Company has an unsecured $2,000,000 line of credit on which there was no balance outstanding at March 31, 2015 and December 31, 2014.

Certain lenders require the Company to comply with debt covenants as described in the specific loan documents, including a debt service ratio. At March 31, 2015 and December 31, 2014 the Company was in compliance with these covenants.