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LINE OF CREDIT
3 Months Ended
Mar. 31, 2024
Receivables [Abstract]  
LINE OF CREDIT

5. LINE OF CREDIT

 

The Company has a $1,000,000 bank line of credit. The line bears a fixed interest rate at 5.50% per annum. It is secured by a $1,000,000 certificate of deposit at the same bank. The line of credit expires in December 2024. The Company is in compliance with certain non-financial covenants imposed by the line of credit agreement. At March 31, 2024 and December 31,2023, the outstanding balance was $1,000,000 and $1,000,000, respectively.

 

 

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS