Quarterly report pursuant to Section 13 or 15(d)

Note Payable - Line of Credit

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Note Payable - Line of Credit
 3 Months Ended
Mar. 31, 2024
Note Payable - Line of Credit [Abstract]  
NOTE PAYABLE - LINE OF CREDIT
L. NOTE PAYABLE - LINE OF CREDIT:

 

The Company has a $7,000 line of credit with Salem Five Cents Savings Bank. As of March 31, 2024 and December 31, 2023, borrowings on this line of credit amounted to zero. The line bears interest at prime rate plus 0.5% per annum. At March 31, 2024 and December 31, 2023, the interest rate was 9.00%. The line is reviewed annually and is due on demand. This line of credit is secured by substantially all assets of the Company. The line of credit was terminated effective August 26, 2024.