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Note 6. Line of Credit
9 Months Ended
Dec. 31, 2014
Notes  
Note 6. Line of Credit

Note 6. Line of Credit

 

Morris Revolving Credit

 

At December 31 and March 31, 2014, Morris has $ 684,022 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, and 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%.