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Line of Credit	9 Months Ended
Sep. 30, 2021
Line Of Credit
Line of Credit	Note 4 – Line of Credit On April 10, 2018 the Company refinanced its previous line-of-credit with a different bank and this agreement was amended in July 2019 and March 2021. The principal balance was paid off in full as of July 8, 2021. Interest accrued at a variable rate based on the bank’s prime rate plus 1% (4.25% at December 31, 2020) but at no time less than 4.0%. Monthly interest payments were required, with any outstanding principal due on July 10, 2021. Interest expense for the three months ended September 30, 2021 and 2020 was ($2,720) and $65,855, respectively. Interest expense for the nine months ended September 30, 2021 and 2020 was $66,412 and $212,522, respectively. The line of credit was collateralized by all assets of the Company, including $2 million of cash held in a control account at the lender. The Company also maintained a minimum balance at the lender to cover two months of interest payments. Prior to our IPO, the line of credit was collateralized by $6,000,000 of cash assets of two shareholders held in control accounts at the lender. Following the Company’s IPO in February 2021 the line of credit was amended and the Company paid down the outstanding principal balance on its bank line of credit from $6 million to $2 million and the available principal balance for the line of credit was reduced from $6 million to $2 million. Further, the $6 million of cash collateral previously provided by the two shareholders was released. The remaining principal balance of $2 million was paid off in full and the line of credit was terminated as of July 8, 2021. The outstanding balance on the line of credit at September 30, 2021 and December 31, 2020 was $0 and $6,000,000, respectively. The shareholder who previously provided the $2,000,000 control account had a collateral agreement with the Company which is described in Note 5. This agreement was terminated in March 2021.

Line of Credit

9 Months Ended

Sep. 30, 2021

Note 4 – Line of Credit

On April 10, 2018 the Company refinanced its previous line-of-credit with a different bank and this agreement was amended in July 2019 and March 2021. The principal balance was paid off in full as of July 8, 2021. Interest accrued at a variable rate based on the bank’s prime rate plus 1% (4.25% at December 31, 2020) but at no time less than 4.0%. Monthly interest payments were required, with any outstanding principal due on July 10, 2021. Interest expense for the three months ended September 30, 2021 and 2020 was ($2,720) and $65,855, respectively. Interest expense for the nine months ended September 30, 2021 and 2020 was $66,412 and $212,522, respectively.

The line of credit was collateralized by all assets of the Company, including $2 million of cash held in a control account at the lender. The Company also maintained a minimum balance at the lender to cover two months of interest payments. Prior to our IPO, the line of credit was collateralized by $6,000,000 of cash assets of two shareholders held in control accounts at the lender.

Following the Company’s IPO in February 2021 the line of credit was amended and the Company paid down the outstanding principal balance on its bank line of credit from $6 million to $2 million and the available principal balance for the line of credit was reduced from $6 million to $2 million. Further, the $6 million of cash collateral previously provided by the two shareholders was released. The remaining principal balance of $2 million was paid off in full and the line of credit was terminated as of July 8, 2021.

The outstanding balance on the line of credit at September 30, 2021 and December 31, 2020 was $0 and $6,000,000, respectively. The shareholder who previously provided the $2,000,000 control account had a collateral agreement with the Company which is described in Note 5. This agreement was terminated in March 2021.