Line of credit	9 Months Ended
Sep. 30, 2022
Line of credit
Note 10 Line Of Credit	Note 10 Line of credit Nextridge Inc. (“Nextridge”) and ANS have a revolving $4,000,000 line of credit available with a bank, collateralized by all the assets of Nextridge and ANS. Interest is payable monthly at the Wall Street Journal prime rate (6.25% as of September 30, 2022 and 3.25% as of December 31, 2021). There are no financial commitments or covenants on the line of credit. As of September 30, 2022 and December 31, 2021, the Company had an outstanding balance of $2,152,388 and $1,898,143, respectively, on this line of credit. On October 25, 2022, Nextridge and ANS renewed the line of credit increasing the availability from $4,000,000 to $8,000,000. Borrowings under the line of credit will bear interest at a floating rate at the Wall Street Journal prime rate with a floor of 5%. Advances under the line of credit are limited to 70% and 50% of Nextridge and ANS’ eligible accounts receivable and work in progress, respectively. Nextridge and ANS at each fiscal year end must maintain a minimum debt service coverage ratio of 1.2:1, and maximum debt/tangible net worth ratio of 3:1. The outstanding balance on line of credit is payable upon demand by the bank. In addition to the security interest in the assets of Nextridge and ANS, the line of credit is guaranteed by the Company and Charge Infrastructure Holdings, Inc., the parent of Nextridge and ANS and subsidiary of the Company. BW has a revolving $3,000,000 line of credit available with a bank, collateralized by all the assets of BW. Interest is payable monthly at the Wall Street Journal prime rate (6.25% as of September 30, 2022 and 3.25% as of December 31, 2021). There are no financial commitments or covenants on the line of credit. On May 26, 2022, BW renewed the facility with substantially the same terms and an expiration of August 1, 2023. As of September 30, 2022 and December 31, 2021, the Company had no outstanding balance on the line of credit.

Line of credit

9 Months Ended

Sep. 30, 2022

Note 10 Line of credit

Nextridge Inc. (“Nextridge”) and ANS have a revolving $4,000,000 line of credit available with a bank, collateralized by all the assets of Nextridge and ANS. Interest is payable monthly at the Wall Street Journal prime rate (6.25% as of September 30, 2022 and 3.25% as of December 31, 2021). There are no financial commitments or covenants on the line of credit. As of September 30, 2022 and December 31, 2021, the Company had an outstanding balance of $2,152,388 and $1,898,143, respectively, on this line of credit.

On October 25, 2022, Nextridge and ANS renewed the line of credit increasing the availability from $4,000,000 to $8,000,000. Borrowings under the line of credit will bear interest at a floating rate at the Wall Street Journal prime rate with a floor of 5%. Advances under the line of credit are limited to 70% and 50% of Nextridge and ANS’ eligible accounts receivable and work in progress, respectively. Nextridge and ANS at each fiscal year end must maintain a minimum debt service coverage ratio of 1.2:1, and maximum debt/tangible net worth ratio of 3:1. The outstanding balance on line of credit is payable upon demand by the bank. In addition to the security interest in the assets of Nextridge and ANS, the line of credit is guaranteed by the Company and Charge Infrastructure Holdings, Inc., the parent of Nextridge and ANS and subsidiary of the Company.

BW has a revolving $3,000,000 line of credit available with a bank, collateralized by all the assets of BW. Interest is payable monthly at the Wall Street Journal prime rate (6.25% as of September 30, 2022 and 3.25% as of December 31, 2021). There are no financial commitments or covenants on the line of credit. On May 26, 2022, BW renewed the facility with substantially the same terms and an expiration of August 1, 2023. As of September 30, 2022 and December 31, 2021, the Company had no outstanding balance on the line of credit.