Line of Credit
|6 Months Ended|
Jun. 30, 2020
|Debt Disclosure [Abstract]|
|Line of Credit||
On January 25, 2018 the Company obtained a $500,000 line of credit (LOC) with a Bank. The LOC bears interest at 5% per annum and is secured by essentially all of the Company’s assets. The note is personally guaranteed by the owner of the majority of the Company’s voting shares. On December 21, 2018, the Company and the bank agreed to increase the LOC to $1,000,000 at an interest rate of 6% per annum. As of June 30, 2020 and December 31, 2019, the outstanding balance on the LOC was $912,870.
The entire disclosure for short-term debt.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef