Line of Credit

9 Months Ended

Sep. 30, 2021

NOTE 4:

Line of Credit

The Company has lines of credit with financial institutions for total amount of approximately $3,400,000 that expires in various months in 2021, unless extended. There was no outstanding balance under the credit lines at September 30, 2021 The lines of credit, bearing various interest rates are guaranteed by the officer of the Company.

The Company has an arrangement with its customers and a financial institution, in which the Company’s customers issue electronic invoices with the Company as the recipient. The Company can use these receivables as collateral for loans up to approximately $5,000,000 and $5,500,000 as of September 30, 2021 and December 31, 2020, respectively. The Company receives its payments due when the customer fully pays the invoices to the financial institution. The interest rates vary depending on the Company’s customers’ credit ratings. The Company has no borrowings outstanding as of September 30, 2021 and December 31, 2020, respectively. The maturity date of the arrangement varies on the dates of the original transactions.