Annual report [Section 13 and 15(d), not S-K Item 405]

Note Payable - Line of Credit

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Note Payable - Line of Credit
 12 Months Ended
Dec. 31, 2024
Note Payable - Line of Credit [Abstract]  
NOTE PAYABLE - LINE OF CREDIT
H. NOTE PAYABLE - LINE OF CREDIT:

 

The Company had a $7,000 line of credit with Salem Five Cents Savings Bank. As of December 31, 2024, the line was terminated and no longer active. As of December 31, 2023, borrowings on this line of credit amounted to zero. The line bore interest at prime rate plus 0.5% per annum. At December 31, 2023, the interest rate was 9.00%. The line was reviewed annually and was due on demand. This line of credit was secured by substantially all assets of the Company. The line of credit was terminated effective August 26, 2024.