Note 5 - Bank Financing

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Debt Disclosure [Text Block]

5. Bank Financing –

Revolving Credit Line

The Company has a revolving credit line of up to $500,000 that expires on February 1, 2024. The line of credit is collateralized by all receivables, inventory, equipment, and general intangibles of the Company. The Company had no borrowings under the credit line during the three months ended March 31, 2023. Interest on outstanding borrowings is payable monthly and charged at the Prime Rate, which was 8.00%, subject to a floor of 3.75% during the three months ended  March 31, 2023.