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LIQUIDITY | 6 Months Ended
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Sep. 30, 2022
Liquidity |
LIQUIDITY | NOTE 3 – LIQUIDITY The Company reported net income of approximately $280,000 and used cash in operating activities of approximately $3,580,000 for the six months ended September 30, 2022. On October 14, 2022 the Company entered into a Credit and Security Agreement (the “Credit Agreement”) with Fifth Third Bank, National Association, as Lender (“Fifth Third”) replacing the Company’s credit facilities with Crestmark Bank and Iron Horse Credit that were terminated by the Company on October 13, 2022. The Credit Agreement provides for a three-year secured revolving credit facility in an aggregate principal amount of up to $15,000,000 decreased to $7,500,000 during the period of January 1 through July 31 of each year. The Credit Agreement matures on October 14, 2025. The Company believes that our cash on hand, cash expected to be generated from our operations, along with the availability of cash from our Credit Agreement with Fifth Third (See Note 7 –FINANCING) will be adequate to meet the Company’s liquidity requirements for at least twelve months from the date of this report.

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