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LINE OF CREDIT
12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
LINE OF CREDIT

4. LINE OF CREDIT

 

The Company has a $1,000,000 bank line of credit. The line bears fixed interest rate at 5.50% per annum. It is secured by a $1,000,000 certificate of deposit at the same bank. The line of credit expires in December 2024 and it is management’s intention to renew the facility. The Company is in compliance with certain non-financial covenants imposed by the line of credit agreement. The outstanding balance was $1,000,000 and $300,000 at December 31, 2023 and 2022, respectively.