Quarterly report pursuant to Section 13 or 15(d)

LINE OF CREDIT (Details Narrative)

LINE OF CREDIT (Details Narrative) - Credit Agreement [Member] - Citibank, N.A. [Member] - Revolving Credit Facility [Member] - USD ($)
Mar. 21, 2017
Jun. 30, 2017
Maximum borrowing capacity $ 1,000,000  
Description of expiration

Expire at such time the parties mutually agree to terminate the credit facility or at the election of the lender.

Description of interest rate

Interest accrues on the principal amount of revolving loans outstanding under the credit facility at a rate equal to the greater of (i) the prime rate of interest as published by Citibank, or (ii) the one-month London Interbank Offered Rate plus 2%.

Description of payments

Amounts outstanding from time to time under the credit facility are due and payable monthly in an amount equal to the greater of 2% of the outstanding principal balance or $100, plus accrued interest.

Annual finance charge $ 2,500  
Description of collateral

Certificate of Deposit (restricted cash) account opened by the Company with Citibank in the amount of $1,000,000.

Description covenant terms

(i) creating or permitting to exist any liens, security interests or other encumbrances on the Company’s assets, (ii) engaging in any business activities substantially different than those in which the Company is presently engaged, (iii) ceasing operations, liquidating, merging, transferring, acquiring or consolidating with any other entity, changing its name, dissolving or transferring or selling collateral out of the ordinary course of business, or (iv) paying dividends on the Company’s capital stock (other than dividends payable in stock).

Remaining borrowing capacity   $ 1,000,000