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Lines of Credit
6 Months Ended
Jun. 30, 2019
Debt Disclosure [Abstract]  
Lines of Credit

NOTE 7 – LINES OF CREDIT

 

The Company has two lines of credit with a bank which provide aggregate maximum borrowing availability of $1,050,000 as of June 30, 2019, and December 31, 2018. The lines of credit are payable on demand and bear interest at a variable rate with rate ranges from 7.5% to 8.0%. Outstanding advances under these line of credit arrangements amounted to $58,675 and $103,379 as of June 30, 2019, and December 31, 2018, respectively. The lines of credit mature on January 5, 2020, and February 14, 2020. The amount available on the lines of credit at June 30, 2019 was $991,325.

 

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.