LINE OF CREDIT

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

LINE OF CREDIT

6. LINE OF CREDIT

On May 30th, 2024, CM Technology, LLC (“CM Tech”) a wholly owned subsidiary of the Company entered into a line of credit with a financial institution that has national scope through one of their local branches. The line of credit is for a maximum of $170,000 which is collateralized and has a security interest in the deposit account or cash, inventories and trade accounts receivable of CM Tech. Our CEO has personally guaranteed the line of credit. The Company paid a $450 documentation fee. As of September 30, 2024, the Company has drawn $162,500 to finance working capital and has $130,500 available to be drawn down. The Company is not in default on the line of credit. The Company accrues monthly interest on outstanding balances at 2.5% plus the prime interest rate.

As of September 30, 2024, CM Tech has cash of $42,522, trade accounts receivable at $86,900 and inventories of $69,331 collateralized against the line of credit creating a security interest.