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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) <br /> <br />SOUTHEASTERN PRINTING COMPANY, INC. AND SUBSIDIARY <br /> <br />December 31, 2018 <br />(See Independent Accountant's Review Report) <br /> <br /> <br />- 12 - <br />NOTE L - FAIR VALUE MEASUREMENTS <br /> <br />The Company’s derivative asset, or swap agreement, is valued based on the current rates offered to the <br />Company for debt of the same remaining maturities and fall within Level 2 in the fair value hierarchy with a <br />balance of $19,080 as of December 31, 2018. <br /> <br /> <br />NOTE M - LINE OF CREDIT <br /> <br />The Company has a line of credit with a domestic commercial bank for $1,500,000, which matures on <br />November 29, 2019. The line of credit bears interest at the LIBOR plus 2.00% and/or the CB Floating Rate <br />(4.46% and 5.50%, respectively, at December 31, 2018) and is secured by assets of the Company. No balance <br />was outstanding at December 31, 2018. <br /> <br />Borrowings under the line are subject to certain financial covenants and restrictions on indebtedness, financial <br />guarantees, business combination and other related items. The financial covenants have not been met and the <br />banks have waived such noncompliance. <br /> <br /> <br />