7.  LONG-TERM DEBT

The Company has a revolving line of credit that provides for up to $300,000 of available credit, available through November 22, 2021. At July 1, 2017 and December 31, 2016, the balance on the revolving line was $124,000 and $140,000, respectively, with $176,000 and $160,000 of additional credit available, respectively, subject to pro forma compliance with debt covenants. The interest rate in effect at July 1, 2017 was 2.92%. Interest expense recognized during the six months ended July 1, 2017 totaled $1,778. As of the date of this filing, the Company was in compliance with all debt covenants related to the credit agreement.