Note O - Line of Credit and Commercial Letters of Credit

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Debt Disclosure [Text Block]

O.   LINE OF CREDIT AND COMMERCIAL LETTERS OF CREDIT

The Company maintained an unsecured line of credit for short term operating cash needs of $10,000,000 and $5,000,000 as of December 31, 2024 and 2023, respectively. There were no amounts outstanding under this line of credit as of  December 31, 2024 and 2023, which expires September 30, 2025.  The interest rate on the line of credit reset monthly to the 30-day Secured Overnight Financing Rate (SOFR) plus one percent.  In addition, the Company had no issued commercial letters of credit as of  December 31, 2024 and 2023.  On February 7, 2025, the Company replaced the $10,000,000 line of credit with a $50,000,000 revolving line of credit.  The interest rate on the new line of credit will reset monthly to the 30-day SOFR plus one-and-one-quarter percent.