Long-Term Debt

9 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

Long-Term Debt

5. Long-Term Debt

	September 30, 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% (1.60% as of September 30, 2015); monthly principal payments of $21,833 through 2020 with a balloon payment of $786,000 due December 1, 2021	$	2,424		$	2,620
Term loan payable to a financial institution; Interest rate option of bank prime or Libor plus 1.4% (1.60% as of September 30, 2015); monthly principal payments of $23,810 through 2021		1,786			2,000
		4,210			4,620
Less current portion		(548	)		(548	)
	$	3,662		$	4,072

The Company has a $2,000,000 line of credit on which there was no balance outstanding at September 30, 2015 and December 31, 2014.

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 September 30, 2015 and December 31, 2014 the Company was in compliance with these covenants.