v3.10.0.1
Note 3 - Line of Credit
3 Months Ended
Jun. 30, 2018
Notes  
Note 3 - Line of Credit

Note 3 - Line of Credit:

 

The Company has a $750,000 line of credit agreement with a bank. The line of credit bears interest at prime plus 1% (5.5% as of June 30, 2018) and expires in December 2018. The line of credit is collateralized by all assets of the business, plus certain property owned by a family member of a stockholder and the personal guarantee of a stockholder, along with a key man life insurance policy. The outstanding balance is $547,603 at June 30, 2018 and $528,603 at March 31, 2018.