Notes Payable

12 Months Ended

Dec. 31, 2018

Note 4.

Notes Payable

During 2010, the Company applied and was approved for a 166 Direct Loan to borrow up to $744,250 with the Ohio Department of Development (ODOD), now known as the Ohio Development Services Agency (ODSA). This loan was finalized in February 2011 and the term of the loan was 84 months at a fixed interest rate of 3%. There was also a 0.25% annual servicing fee charged monthly on the outstanding principal balance. A final payment of approximately $71,900 was made as scheduled during November 2018 and this loan was repaid in full.

During 2010, the Company also applied and was approved for a 166 Direct Loan through the Advanced Energy Program with the Ohio Air Quality Development Authority (OAQDA) to borrow up to approximately $1.4 million. This maximum commitment by the OAQDA was subsequently reduced to $368,906 on March 20, 2012. A final payment of approximately $50,400 was made as scheduled during February 2018 and this loan was repaid in full.

Notes payable at December 31, 2017 is included in the accompanying balance sheets as follows:

ODSA 166 Direct Loan	$	172,081
OAQDA 166 Direct Loan		49,811
Total notes payable before debt issuance costs		221,892
Debt issuance costs at December 31		787
Total notes payable after debt issuance costs		221,105
Less current portion		221,105
Notes payable, net of current portion	$	-

In 2018, the Company entered into a line of credit with Huntington Bank for $1 million. The line of credit bears interest at 0.5 percentage points over the Prime Commercial Rate with an expiration date of October 5, 2019. At December 31, 2018, no amounts were drawn on the line of credit.