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Note 6. Line of Credit
12 Months Ended
Mar. 31, 2015
Notes  
Note 6. Line of Credit

Note 6. Line of Credit

 

Morris Revolving Credit

 

At March 31, 2015 and March 31, 2014, Morris has $ 722,761 and $708,108 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. The applicable interest rate under this agreement is based on the Prime Rate, plus 3.5% with a floor of 4.00%.