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PERSONS SERVICES CORP. <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2022 <br /> <br />14 <br /> <br /> <br />NOTE E – LINES OF CREDIT <br /> <br />The Company has a line of credit in the amount of $12,000,000 with a financial institution. The line bears <br />interest based at the bank’s prime rate which was 4.75% on December 31, 2022. The line is secured by <br />accounts receivable and is guaranteed by the shareholders. The loan agreement also contains restrictions and <br />covenants. The outstanding balance was $11,157,860 on December 31, 2022. The line matures July 31, 2023. <br /> <br />The Company has a line of credit in the amount of $500,000 with a financial institution. The line bears <br />interest based at the bank’s prime rate which was 4.75% on December 31, 2022. The line is unsecured but <br />is guaranteed by the shareholders. The loan agreement also contains restrictions and covenants. The outstanding <br />balance was $490,000 on December 31, 2022. The line matures September 13, 2023. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />