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Note 7 - Line-of-Credit
12 Months Ended
Dec. 31, 2017
Disclosure Text Block [Abstract]  
Note 7 - Line-of-Credit

NOTE 7 – LINE-OF-CREDIT

 

On September 15, 2015, the Company entered into a 600,000 DKK (approximately $90,000) line-of-credit agreement with a bank.  The agreement bears interest at a variable rate of 6.021%, which is renegotiated annually on June 1.  The line of credit is unsecured.  Default interest rate of 19% goes into effect from the first late payment and is calculated on the balance of the outstanding debt.  During 2016, the Company utilized the full credit line but then paid it down to zero by the end of the year.  The Company paid approximately $100 and $138 in interest during the year ended December 31, 2017 and 2016, respectively.  The credit line was on NABUFIT Denmark. As of December 31, 2017, the Company does not have a line of credit.