Quarterly report pursuant to Section 13 or 15(d)

Note 6 - Debt

v3.10.0.1
Note 6 - Debt
 6 Months Ended
Jun. 30, 2018
Notes to Financial Statements  
Debt Disclosure [Text Block]
6
.
Debt
 
As of
June 30, 2018,
the Company’s term loan under its credit facility had a balance of
$25.1
million. The net availability under the revolving credit line under the credit facility is based upon our eligible accounts receivable and inventory and is computed as follows (in thousands):
 
   
June 30,
    
December 31,
  
   
2018
    
2017
  
Revolver:
                
Gross availability
   $
9,996
     $
10,000
  
Outstanding draws
    
-
      
-
  
Letter of credit
    
(750
 )    
(750
 )
Landlord reserves
    
(68
 )    
(45
 )
Net availability
   $
9,178
     $
9,205
  
 
The Company had future maturities of its term loan as of
June 30, 2018
as follows (in thousands):
 
   
2018
    
2019
    
2020
    
2021
    
Total
  
Term Loan
   $
1,533
     $
3,067
     $
3,067
     $
17,436
     $
25,103
  
Unamortized value of the debt issuance costs
    
(15
 )    
(30
 )    
(30
 )    
(30
 )    
(105
 )
Total
   $
1,518
     $
3,037
     $
3,037
     $
17,406
     $
24,998
  
 
 
The following is a breakdown of the Company’s current and long-term debt as follows (in thousands):
 
June 30, 2018
  
December 31, 2017
  
                                                   
   
Current
Portion of
Long-Term
Debt
    
Long-Term
Debt
    
Total
      
Current
Portion of
Long-
Term Debt
    
Long-Term
Debt
    
Total
  
Term Loan
   $
3,067
     $
22,036
     $
25,103
  
Term Loan
   $
3,067
     $
25,444
     $
28,511
  
Unamortized value of the debt issuance costs
    
(30
 )    
(75
 )    
(105
 )
Unamortized value of the debt issuance costs
    
(28
 )    
(92
 )    
(120
 )
Total
   $
3,037
     $
21,961
     $
24,998
  
Total
   $
3,039
     $
25,352
     $
28,391
  
 
 
As of
June 30, 2018,
interest on the credit facility is payable at our option as a (i) Eurodollar Loan, which bears interest at a per annum rate equal to the applicable
30
-day London Interbank Offered Rate (“LIBOR”) plus an applicable margin ranging from
2.00%
to
3.00%
or (ii) CB Floating Rate (“CBFR”) Loan, which bears interest at a per annum rate equal to the greater of (a) the lender’s prime rate or (b) LIBOR plus
2.50%,
in each case, plus a margin ranging from -
1.00%
to
0.25%.
The actual rate at
June 30, 2018
was
4.59%
(LIBOR of
2.09%
plus
2.50%
).
 
As of
June 30, 2018,
the Company was in compliance with all debt-related covenants under the credit facility. See Note
11
for the Company’s amendment to its long-term debt agreement.