Note 6 - Revolving Line of Credit |
3 Months Ended | ||||
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Mar. 31, 2021 | |||||
| Notes to Financial Statements | |||||
| Debt Disclosure [Text Block] |
At March 31, 2021, the Company had a revolving line of credit with a bank providing for on-demand or short-term borrowings of up to $1,000,000. The line was due to expire on July 31, 2021. As of March 31, 2021,
$500,000 was outstanding under this line of credit at a variable interest rate of 4.0%, and there was no outstanding balance at December 31, 2020. This line of credit was replaced on April 16, 2021, as referenced in Note 9.
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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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