Long-Term Debt |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt |
NOTE 7. LONG-TERM DEBT Long-term debt as of December 31, 2018 and 2017, was as follows:
On June 27, 2018, the Company entered into an asset based revolving Credit Agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A. Concurrent with entering into the Credit Agreement, the Company terminated and satisfied in full its revolving credit agreement (the “Terminated Credit Agreement”) with ZB, N.A. dba Zions First National Bank. All obligations under the Credit Agreement are secured by the accounts receivable, inventory, intellectual property and certain other assets of the Company. The Credit Agreement contains restrictions on the Company’s ability to pay dividends based on the amount the Company has available to borrow. The Credit Agreement includes customary affirmative and negative covenants, including financial covenants relating to the Company’s fixed charge coverage ratio. The Company was in compliance with the debt covenants set forth in the Credit Agreement as of December 31, 2018. The aggregate maturities of the revolving credit facility for the years subsequent to December 31, 2018 are as follows:
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