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Line of Credit
12 Months Ended
Dec. 31, 2019
Notes  
Line of Credit

 

NOTE 10 -  LINE OF CREDIT

 

The Company has a credit line with a commercial bank of $100,000 secured by its inventory and accounts receivable bearing a variable interest rate, which was 5.50% as of the balance sheet date, and automatically renews so long as the Company is in compliance with the loan covenants. As of December 31, 2019, there was a $8,738 drawn against that line of credit, leaving an available balance of $91,262.  The line automatically renews on April 1 of each year and the $100,000 credit amount was available at December 31, 2019.