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(7) Line of Credit
9 Months Ended
Sep. 30, 2017
Debt Disclosure [Abstract]  
(7) Line of Credit

(7)  Line of Credit 

In June 2017, the Company renewed its $1,500,000 revolving line of credit (“LOC”) with Santander Bank.  The agreement matures at the end of May 2018.  The LOC is secured by the accounts receivable and other assets of the Company, has an interest rate of prime plus 100 basis points. Under the terms of the agreement, the Company is required to maintain its operating accounts with Santander Bank. The Company is also subject to certain financial covenants.  These include specific earnings levels, targeted current ratios and targeted debt to tangible net worth ratios at the end of each fiscal quarter.  At September 30, 2017, the Company was in compliance with all existing covenants.  Also, at September 30, 2017, the Company had no borrowings under this LOC and its borrowing base at the time would have permitted $1,500,000 to have been borrowed.