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LINE OF CREDIT FACILITY | 12 Months Ended
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Dec. 31, 2021
Line Of Credit Facility |
LINE OF CREDIT FACILITY | NOTE 5 – LINE OF CREDIT FACILITY In December of 2005, the Company entered into a revolving line of credit agreement with Umpqua Bank that allows borrowing up to $2,000,000 against eligible accounts receivable and inventories, as defined in the agreement. The revolving line bears interest at prime less 0.5%, with a floor of 3.25%, is payable monthly, and is subject to renewal. In July 2021, the Company renewed the credit agreement until July 31, 2023. At December 31, 2021 and 2020, there was no outstanding balance on this revolving line of credit. The line of credit agreement includes various covenants, which among other things, requires the Company to maintain minimum amounts of tangible net worth, debt-to-equity, and debt service coverage as defined, and limits the level of acquisitions of property and equipment. As of December 31, 2021, the Company was in compliance with these financial covenants.

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