3. Long-term debt

As of March 31, 2018, the Company has not made any borrowings under the five year $125 million secured revolving credit facility it entered into in August 2015 with JPMorgan Chase Bank, N.A., as Administrative Agent, and certain lenders. The Company has also not made any borrowings on its €5.8 million ($7.1 million) available line of credit in Italy as of March 31, 2018.  The Company is in compliance with all required financial covenants as of March 31, 2018.