Annual report pursuant to Section 13 and 15(d)

Bank Debt

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Bank Debt
12 Months Ended
Dec. 31, 2016
Bank Debt / Term Loans [Abstract]  
BANK DEBT
10. BANK DEBT

 

As of December 31, 2016 and 2015, bank debt consisted of the following:

 

    December 31,  
    2016     2015  
Installment note, monthly principal and interest of $1, interest 9.05%, secured by vehicles, matured July 2016   $ -     $ 3  
                 
Two lines of credit, monthly principal and interest, ranging from $0 to $1, average interest of 8.4%, guaranteed personally by principal shareholders of acquired companies, maturing July 2017     121       128  
      121       131  
Less: Current portion of bank debt     (121 )     (131 )
                 
Long-term portion of bank debt   $ -     $ -  

 

The interest expense associated with the bank debt during the years ended December 31, 2016 and 2015 amounted to $10 and $11, respectively. The weighted average interest rate on bank debt during the years ended December 31, 2016 and 2015 was 8.4% and 8.4%, respectively. There are no financial covenants associated with the bank debt.