Note 7 - Loan and Line of Credit

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Debt Disclosure [Text Block]

Note

7

–

Loan and Line of Credit

On

January 31, 2018,

the Company entered into a

$550,000

credit facility with PNC Bank which matures on

January 31, 2021

and accrues interest at a variable rate equal to the Daily LIBOR Rate plus

250

basis points,

2.67%

at

September 30, 2020.

Interest expense for the

three

and

nine

months ended

September 30, 2020

was

$1,514

and

$2,661,

respectively. Principal borrowings

may

be prepaid at any time without penalty and the facility is secured by substantially all of our assets. The facility contains customary affirmative and negative nonfinancial covenants. As of

September 30, 2020,

there was

$260,000

outstanding under the facility.

On

April 14, 2020,

the Company entered into a Paycheck Protection Program Term Note (the “PNC Note”) with PNC Bank pursuant to the Paycheck Protection Program (the “Program”) of the recently enacted Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) administered by the U.S. Small Business Administration. The Company received total proceeds of

$753,300

from the PNC Note. On

May 12, 2020,

the Company repaid the loan in full.