Revolving Credit Facility - Related Party
|12 Months Ended|
Dec. 31, 2018
|Debt Disclosure [Abstract]|
|Revolving Credit Facility - Related Party||
9. Revolving Credit Facility – Related Party
On November 16, 2018, the Company entered into a revolving credit facility agreement with GNet Tech, a related party through one of the Company’s shareholders, Cosmic Forward Limited (“CFL”), that matures on May 31, 2020, under which we can draw up to GBP £1,500,000 (approximately $2,000,000). Interest is payable on any outstanding principal balance at a rate equal to the LIBOR rate plus 4%. Amounts drawn under this facility are payable at the end of one, three, or six months periods at the election of the Company. At December 31, 2018, there were no outstanding amounts drawn under this facility. At April 12, 2019, approximately $1,707,000 was available for us to draw.
As of 4/12/2019, the Company has drawn down $293,000 under this facility.
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef