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Lines of Credit
9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Lines of Credit

NOTE 6 – LINES OF CREDIT

 

The Company has three lines of credit with a bank which provide aggregate maximum borrowing availability of $1,050,000 as of September 30, 2018, and December 31, 2017. The lines of credit are payable on demand and bear interest at a variable rate with a floor set at 5.25%. Outstanding advances under these line of credit arrangements amounted to $153,141 as of September 30, 2018, and December 31, 2017. The lines of credit matured in April 2018. The maturity date has been verbally extended by the bank on a month-to-month basis.

 

The lines are secured by the general assets of the Company and aggregate amounts drawn under the line of credit may be limited to a borrowing base, as defined. The revolving lines of credit are guaranteed by an officer of the Company.