Annual report pursuant to Section 13 and 15(d)

Revolving Credit Facility - Related Party

v3.20.1
Revolving Credit Facility - Related Party
12 Months Ended
Dec. 31, 2019
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 Holdings Public Limited Company (GNet), “), 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. On January 14, 2019, the Company drew $293,000 under this facility and repaid it on June 7, 2019. At December 31, 2019, the Company did not have any outstanding debt under this facility.

 

At March 31, 2020, approximately $2,000,000 was available for us to draw.