XML 23 R18.htm IDEA: XBRL DOCUMENT v3.19.3
Line of Credit
9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Line of Credit

12 LINE OF CREDIT

 

On January 25, 2018 the Company obtained a $500,000 line of credit (LOC) with a Bank. The LOC bears interest at 5% per annum and is secured by essentially all of the Company’s assets. The note is personally guaranteed by the owner of the majority of the Company’s voting shares. On December 21, 2018, the Company and the bank agreed to increase the LOC to $1,000,000 at an interest rate of 6% per annum. During the nine months ended September 30, 2019, total advances and repayments under the LOC were $1,130,000 and $217,130, respectively. As of September 30, 2019, and December 31, 2018, the outstanding balance on the LOC was $912,870 and $0, respectively.