Line of Credit

3 Months Ended

Mar. 31, 2022

Line of Credit

Note 7. Line Of Credit

Note 7: Line of Credit

Effective October 3, 2021, the Company renewed its unsecured Line of Credit, which changed the interest rate from LIBOR plus 1.75% to SOFR (Secured Overnight Financing Rate) plus 1.75%. The amount of funds available for borrowing remained $3,000,000 and the term remained two years. As of March 31, 2022, the interest rate was 1.91% and the Company did not owe any amounts on the Line of Credit.