XML 23 R12.htm IDEA: XBRL DOCUMENT v3.5.0.2
Line of Credit
9 Months Ended
Sep. 30, 2016
Debt Disclosure [Abstract]  
Line of Credit

NOTE 6 - LINE OF CREDIT

 

Through May 2016, the Company had a revolving line of credit with a bank in which it could borrow up to $600,000. The line of credit expired May 1, 2016. Borrowings under the line of credit bore interest at 4.75%. The line of credit was secured by substantially all assets of the Company and a personal guarantee from one of the Company’s officers/shareholders, including his personal residence. The outstanding balance on the line of credit was $600,000 at December 31, 2015. The line of credit was terminated after the balance was fully paid in May 2016.