Note 6 - Line of Credit Arrangement |
3 Months Ended |
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Mar. 31, 2025 | |
Notes to Financial Statements | |
Line of Credit Facility [Text Block] |
6. LINE OF CREDIT ARRANGEMENT
The Company has a line of credit arrangement with First Republic Bank (the “lender”) with a borrowing limit of $350,000 with interest based upon the lender’s plus 4.5% and is payable monthly. At December 31, 2021 and 2020, interest was being paid at a rate of 7.75%. The line is guaranteed by William R. Hambrecht, Director and Chief Executive Officer. The line of credit is due on demand and is secured by all of the Company’s business assets. At December 31, 2024 the outstanding balance under the line was $348,843. The total recorded interest expense on this note for the three months ended March 31, 2025 and March 31, 2024 was $6,976 and $7,440 respectively. The line of credit is pending renewal.
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