Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt

v2.4.1.9
Long-Term Debt
3 Months Ended
Mar. 31, 2015
Debt Disclosure [Abstract]  
Long-Term Debt

4. Long-term debt

JP Morgan Chase debt

In November 2014, the Company secured a primary banking relationship that provides access to a $15,000 working capital revolving line of credit, and treasury and cash management services through commercial banking with JP Morgan Chase.  This agreement is a three year working capital revolving line of credit which replaces the previous loan facility the Company maintained with Comerica.  The interest rate on outstanding debt balances will be (“London Interbank Offer Rate”) LIBOR plus 1.25%.  The Company is required to maintain a tangible net worth not less than $90,000 and EBITDA of $10,000 for any period of four consecutive quarters commencing with the four-quarter test period ending September 30, 2014.  The Company was in compliance as of March 31, 2015, and no outstanding debt balances were outstanding on the credit facility.

 

 

 

 

 

March 31,

 

 

December 31,

 

 

2015

 

 

2014

 

 

 

 

 

 

 

 

 

Contractual obligation, bearing imputed interest at prime plus two, quarterly payments of $53

   beginning May 2011 through October 2014 and quarterly payments of $81 beginning

   January 2015 through October 2016

 

540

 

 

 

614

 

Less: current maturities

 

(303

)

 

 

(299

)

Long-term debt, net of current portion

$

237

 

 

$

315

 

 

As of March 31, 2015, the minimum aggregate payments due under non-cancelable debt are summarized as follows:

 

 

 

March 31, 2015

 

Remaining 9 months of 2015

 

$

225

 

2016

 

 

315

 

Total

 

$

540