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Line of Credit
9 Months Ended
Sep. 30, 2022
Line of Credit  
Line Of Credit

Note 7: Line of Credit

 

Effective October 3, 2021, the Company renewed its unsecured Line of Credit, which changed the interest rate from LIBOR plus 1.75% to SOFR (Secured Overnight Financing Rate) plus 1.75%. The amount of funds available for borrowing remained $3,000,000 and the term remained two years. As of September 30, 2022, the interest rate was 4.22% and the Company did not owe any amounts on the Line of Credit.