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Line of Credit, Note
3 Months Ended
Mar. 31, 2014
Notes  
Line of Credit, Note

NOTE 6 - LINE OF CREDIT

 

On March 22, 2013, the Company executed a line of credit agreement with a third party for $100,000 to be used as purchase order financing for the production of liquor brands.  The balance at March 31, 2014 and December 31, 2013 was $0 and $97,491. This line of credit was closed during the first quarter of 2014.

 

During December of 2011 Quest Solution acquired a $750,000 revolving line of credit from Wells Fargo Bank. Borrowings are collateralized by accounts receivable, equipment and inventory owned by the Company as well as a personal guarantee from the two shareholders.  This line of credit expires September 15, 2014. Monthly interest only payments are required with the principal portion due at maturity. The balance at March 31, 2014 was $0.  Interest is charged at a rate of prime plus .5% (currently 3.75%), with a floor rate of 4.5%.