Line of Credit

3 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

Note 7 – Line of Credit

The Company has a line of credit with Bank of America with open availability up to $690,000, with monthly payments of interest only. The borrowing base calculation is tied to accounts receivable and is collateralized by substantially all of the assets of the Company. Interest on any outstanding balance is payable monthly at an annual interest rate equal to the sum of the greater of the BSBY (Bloomberg Short-Term Bank Yield Index rate) daily float plus 3.75 percentage points.

As of June 30, 2023, and March 31, 2023, the outstanding balances were $690,000, respectively. The interest rate on June 30, 2023, was 8.92%.

Bank of America renewed the Company’s line of credit with a maturity date of July 30, 2023. The current renewal is in process at Bank of America.