Long-Term Debt

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Long-Term Debt

4. Long-Term Debt

	December 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% (1.64% as of December 31, 2015); monthly principal payments of $21,833 through 2020 with a balloon payment of $786,000 due December 1, 2021	$	2,358		$	2,620
Term loan payable to a financial institution;
Interest rate option of bank prime or Libor plus 1.4% (1.64% as of December 31, 2015); monthly principal payments of $23,810 through 2021		1,714			2,000
		4,072			4,620
Less current portion		(548	)		(548	)
	$	3,524		$	4,072

Principal maturities of long-term debt are as follows: 2017 - $548,000, 2018 - $548,000, 2019 - $548,000, 2020 - $548,000 and thereafter - $1,332,000.

The Company also has a $2,000,000 line of credit on which there was no balance outstanding at December 31, 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 December 31, 2015 and December 31, 2014 the Company was in compliance with these covenants.