Note 9 - Notes Payable

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Debt Disclosure [Text Block]

9. Notes Payable

The Company previously maintained a

$3,500,000

credit facility with Wells Fargo Bank, which expired in

May 2020,

and which the Company decided

not

to renew. The Company has continued its relationship with Wells Fargo, with the exception of the credit facility. The Company determined that the credit line is

not

necessary at this time, as it had

not

been used in several years, and the Company currently had sufficient funding from operations. Pursuant to the terms of the credit facility, the Company had a borrowing capacity up to

$3,500,000

based on eligible accounts receivable and inventories and was collateralized by accounts receivable, inventories, trademarks, patents and property and equipment. Under the terms of the facility, the Company paid a

0.5%

unused loan fee on a quarterly basis.

As of

December 31, 2020,

the Company had

no

outstanding borrowings and

no

other debt.