Note 6 - Debt |
3 Months Ended | |||||||||||||||
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Mar. 31, 2017 | ||||||||||||||||
Notes to Financial Statements | ||||||||||||||||
Debt Disclosure [Text Block] |
Note 6: DebtNotes Payable During 2015, the Company delivered 12 notes payable totaling $800,350 as a portion of the consideration paid in connection with the Company’s various acquisitions. Interest rates range from 1.5% to 5.25% with maturities through February, 2017.
During 2016, the Company delivered two notes payable totaling $186,000 as a portion of the consideration paid in connection with the Company’s various acquisitions. Interest rates for both notes are 4.25% with maturities through May, 2017.
Maturities of notes payable are as follows as of March 31, 2017:
Credit and Security Agreement On
January 3, 2017, the Company entered into a Credit and Security Agreement (the “Credit Agreement”), and signed a revolving credit note payable to the lender. Under the Credit Agreement, the Company is able to borrow up to an aggregate of $5,000,000 under revolving loans. Interest on the unpaid outstanding principal amount of any revolving loans is at a rate equal to 10% per annum, provided, that the minimum amount of interest paid in the aggregate on all revolving loans granted over the term of the Credit Agreement is $200,000. Interest is due and payable on the last day of each fiscal quarter in an amount determined by the Company, but not less than $25,000. The lender’s lending commitments under the Credit Agreement terminate in December 2019, unless sooner terminated in accordance with the provisions of the Credit Agreement. The Company intends to use the credit facility for general working capital needs. As of March 31, 2017, the Company has drawn $1,000,000 of the $5,000,000 available under the Credit Agreement. |