Revolving Credit Facility - Related Party
|3 Months Ended|
Mar. 31, 2019
|Revolving Credit Facility - Related Party|
|Revolving Credit Facility - Related Party||
7. Revolving Credit Facility – Related Party
On November 16, 2018, the Company entered into a revolving credit facility agreement with GNet Tech Holdings, 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. During the quarter ended March 31, 2019, the Company drew $293,000 under this facility.
At May 17, 2019, approximately $1,707,000 was available for us to draw.