On September 3, 2014, we entered into a $2,000,000 revolving line of credit agreement with Wells Fargo Bank, N.A. Outstanding principal on the line of credit bears interest at the 30-day London Interbank Offered Rate (“LIBOR”) plus 2%, resulting in an effective rate of 3.2% at September 30, 2017.  The line of credit was to mature on August 31, 2017 and is personally guaranteed by Mr. Dalrymple, a director of the Company. As of September 30, 2017 and December 31, 2016, outstanding borrowings under the line of credit totaled $1,300,000 and $1,275,000 respectively. For the three months ended September 30, 2017 and 2016, we recorded $11,117 and $7,041, respectively, in interest expense related to this note. For the nine months ended September 30, 2017 and 2016, we recorded $29,261 and $20,168, respectively, in interest expense related to this note.

On September 8, 2017 we entered into an Amended and Restated Revolving Line of Credit Note and an Amended and Restated Credit Agreement to extend our revolving line of credit facility with Wells Fargo Bank, whereby the outstanding principal is now due and payable in full on August 31, 2018 and the maximum amount we can borrow under the line of credit, as amended is $1,750,000.  The line of credit remains guaranteed by Peter L. Dalrymple, a member of our Board of Directors, and is secured by a first lien interest in certain of his assets.