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5. Line of Credit
12 Months Ended
Mar. 31, 2014
Debt Disclosure  
5. Line of Credit

Note 5. Line of Credit

 

Morris Revolving Credit

 

At March 31, 2014 and March 31, 2013, Morris has $ 708,108 and $611,356 outstanding under a revolving credit line agreement that allows it to borrow up to a total of $1,200,000. The line of credit is secured by accounts receivable, guaranteed by a previous owner and is due August 27, 2012. The applicable interest rate under this agreement is based on the Prime Rate, plus 3.5% with a floor of 4.00%.