v3.19.3
Note 4 - Financing Arrangements
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| Debt Disclosure [Text Block] |
NOTE 4. FINANCING ARRANGEMENTS We have a credit agreement with Bank of America which was entered into on and amended effective and provides for a line of credit arrangement of $16,000 that expires on 15, 2022. The credit arrangement also has a $5,000 real estate term note outstanding with a maturity date of Under the Bank of America credit agreement, both the line of credit and real estate term notes are subject to variations in the LIBOR rate. Our line of credit bears interest at a weighted-average interest rate of 5.4% and 4.3% as of and respectively. We had borrowings on our line of credit of $12,430 and $9,264 outstanding as of and respectively. There are no subjective acceleration clauses under the credit agreement that would accelerate the maturity of our outstanding borrowings. The line of credit and real estate term notes with Bank of America contain certain covenants which, among other things, require us to adhere to regular reporting requirements, abide by annual shareholder dividend limitations, maintain certain financial performance, and limit the amount of annual capital expenditures. The availability under our line is subject to borrowing base requirements, and advances are at the discretion of the lender. The line of credit is secured by substantially all of our assets. The Bank of America credit agreement as amended provides for, among other things, a fixed charge coverage ratio of not less than (i) 1.0 to 1.0 for each period of four fiscal quarters, commencing with the period of four fiscal quarters ending As of we did not meet the fixed charge coverage ratio which was waived by BofA in the third amendment to the credit agreement received on The availability under the line is subject to borrowing base requirements, and advances are at the discretion of the lender. At we had unused availability under our line of credit of $3,523, supported by our borrowing base. The line is secured by substantially all of our assets. As part of the Devicix acquisition we entered into two unsecured subordinated promissory notes payable to the seller in the principal amounts of $1,000 and $1,300, which was fully paid off during the first half of 2019. In the second quarter of 2019, our China operations entered into a line of credit arrangement with China Construction Bank which provides for a line of credit arrangement of 6,000,000 Renminbi (RMB) that expires on This line of credit bears an interest rate of 6% and we had no amounts outstanding as of Long-term debt at and consisted of following: | | | September 30, | | | | | | | | 2019 | | | 2018 | | Real estate term notes bearing interest at one-month LIBOR + 2.25% (4.4% and 4.8% as of September 30, 2019 and December 31, 2018, respectively) maturing June 15, 2022 with monthly payments of approximately $41 plus interest secured by substantially all assets. | | $ | 3,880 | | | $ | 4,253 | | | | | | | | | | | | Devicix Acquistion Note 1 payable to DeLange Holdings bears interest rate of 4.0% per annum, maturing July 1, 2019 | | | - | | | | 156 | | | | | | | | | | | | Devicix Acquistion Note 2 payable to DeLange Holdings bears interest rate of 4.0% per annum, maturing July 1, 2019 | | | - | | | | 203 | | | | | | 3,880 | | | | 4,612 | | | | | | | | | | | | | Discount on Devicix Notes Payable | | | - | | | | (23 | ) | | Debt issuance Costs | | | (141 | ) | | | (185 | ) | | | | | | | | | | | | Total long-term debt | | | 3,739 | | | | 4,404 | | | Current maturities of long-term debt | | | (444 | ) | | | (780 | ) | | Long-term debt - net of current maturities | | $ | 3,295 | | | $ | 3,624 | | |
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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