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5 - LONG-TERM DEBT FROM RELATED PARTY

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

5  -  LONG-TERM DEBT FROM RELATED PARTY

Long-term debt consists of the following:

		December 31,				December 31,
		2017				2016
Secured credit facility from related party		$	500,000			$	1,000,000
Less current portion			-				-
Long-term debt, less current portion		$	500,000			$	1,000,000

Secured credit facility - On April 21, 2008, we entered into a $3,000,000 credit facility, collateralized by real property, from K.S. Best International Co. Ltd., a company controlled by the brother of our Chief Executive Officer (see Note 6 – Related Party Transactions).  On August 11, 2016, we renewed and extended maturities to June 30, 2017 and beyond.  Credit is available in $500,000 advances, each advance payable in monthly interest only installments, at the rate of Prime + 0.25% per annum (Prime was 4.50% at December 31, 2017).  The current outstanding balance advance history of the credit line is such that on April 1, 2010, we borrowed $500,000 (due June 30, 2019).

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- References

No definition available.

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- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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