LINE OF CREDIT
|3 Months Ended|
Mar. 31, 2020
|LINE OF CREDIT [Abstract]|
|LINE OF CREDIT||
NOTE 5 LINE OF CREDIT
The Company assumed a line of credit with Wells Fargo Bank upon merger with ISA on April 1, 2015. The line of credit provided for borrowings up to $40,000 but is now closed to future borrowing. The balance as of March 31, 2020 and December 31, 2019, was $65 and $27,615, respectively, including accrued interest. This line of credit has no maturity date. The annual interest rate is 9.75% at March 31, 2020. The former CEO of ISA is the personal guarantor.
Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef