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LINE OF CREDIT
3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
LINE OF CREDIT

NOTE 6. LINE OF CREDIT

 

Since June 2016, the Company has obtained an unsecured revolving line of credit of $40,000 from Bank of America to fund various purchases and travel expenses. The line of credit has an average interest rate for purchases, effective as of the close of business on December 31, 2024. The interest rates for cash drawn are 12% and 25%, respectively. Since October 2024, the Company has obtained an additional unsecured revolving line of credit with a flexible spending limit, meaning there is no preset spending limit. The overtime pay limit is $45,000.00. The credit line has an average purchase interest rate of 28% as of March 31, 2025.

 

As of March 31, 2025, the Company complies with the credit line’s terms and conditions. As of March 31, 2025, and December 31, 2024, the outstanding balances were $225,800 and $115,337, respectively.