Note 9 - Notes Payable

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Debt Disclosure [Text Block]

9.

     

Notes Payable

The Company maintains a credit facility with Wells Fargo Bank that expires in

May 2020.

Pursuant to the terms of the credit facility, the Company has a borrowing capacity up to

$3,500,000

based on eligible accounts receivable and inventories. The credit facility bears interest at prime plus

0.5%

(prime rate was

4.75%

and

5.50%

as of

December 31, 2019

and

2018,

respectively) and is collateralized by accounts receivable, inventories, trademarks, patents and property and equipment. Under the terms of the facility, the Company pays a

0.5%

unused loan fee on a quarterly basis.

As of

December 31, 2019,

the Company had

no

outstanding borrowings on its line of credit and

no

other debt.