Quarterly report pursuant to Section 13 or 15(d)

SHORT-TERM NOTE AND LINES OF CREDIT

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SHORT-TERM NOTE AND LINES OF CREDIT
3 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
SHORT-TERM NOTE AND LINES OF CREDIT

NOTE 4 – SHORT-TERM NOTE AND LINES OF CREDIT

 

The Company has a working capital line of credit with Capital One Bank for $50,000. The line of credit bears an interest rate of prime plus 25.9 basis points, which totaled 34.4% as of June 30, 2024. The line of credit is unsecured. The balance of the line of credit was $9,580 at both June 30, 2024 and March 31, 2024.

 

The Company also has a working capital line of credit with Chase Bank for $25,000. The line of credit bears an interest rate of prime plus 10 basis points, which totaled 18.5% as of June 30, 2024. The line of credit is secured by assets of the Company’s subsidiaries. The balance of the line of credit is $10,237 at June 30, 2024 and March 31, 2024.