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Note 4 - Line of Credit
6 Months Ended
Sep. 30, 2014
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]

4.     Line of Credit


The Company is party to a Line of Credit Authorization agreement (the “Line of Credit”) with Mr. Terry Myhre (“Mr. Myhre”), the Company’s Chairman and majority shareholder. The Line of Credit is unsecured and allows the Company to borrow from Mr. Myhre up to $3,000,000 of aggregate principal upon the request of the Company. The Line of Credit has a fixed annual interest rate of 4.0% and is due April 1, 2015. The Company’s $600,000 outstanding borrowings under the Line of Credit at March 31, 2014 were repaid in full during the six months ended September 30, 2014.


There was no interest expense related to Line of Credit borrowings for the three months ended September 30, 2014 or 2013. Interest expense was $5,519 and $1,752 for the six months ended September 30, 2014 and 2013. The Company paid $5,519 and $22,779 for interest during the six months ended September 30, 2014 and 2013.