Note 6 - Line of Credit Arrangement |
9 Months Ended |
|---|---|
Sep. 30, 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, 2023 the outstanding balance under the line was $348,843. The total recorded interest expense on this note for the nine months ended September 30, 2024 and September 30, 2023 was $19,125 and $23,131 respectively. The line of credit is pending renewal.
|