Annual report pursuant to Section 13 and 15(d)

Credit Card Liability

v3.3.1.900
Credit Card Liability
12 Months Ended
Dec. 31, 2015
Credit Card Liability  
Credit Card Liability

7 CREDIT CARD LIABILITY

 

The Company maintains an arrangement with its bank for its DIQ operation, whereby it utilizes credit cards to pay the majority of its trade obligations. The bank charges no interest on the outstanding credit card balance, which is required to be repaid at the end of each billing cycle. In the event the payment is not timely made, the bank charges a fee equal to 2% of the outstanding balance. The Company’s credit limit is approximately $500,000. At December 31, 2015, the Company’s credit card liability was $274,135.