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6. Debt
9 Months Ended
Sep. 30, 2017
Debt Disclosure [Abstract]  
Debt

Line of Credit

 

We have a $500,000 line of credit with a variable interest rate computed on a 360-day year. The line of credit agreement requires us to comply with various financial covenants as well as customary affirmative and negative covenants that restrict our ability to, among other things, incur debt and liens, make significant investments, dispose of assets and make distributions without prior consent. The line of credit is secured by accounts receivable. The line of credit contains certain financial covenants, including a fixed charge coverage ratio and a tangible net worth. At September 30, 2017, we were in compliance with all of the financial covenants under the line of credit.

 

As of September 30, 2017, we had no amount outstanding under the line of credit and have the entire amount remaining available of $500,000.