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Subsequent Events
9 Months Ended
Sep. 30, 2019
Subsequent Events [Abstract]  
Subsequent Events

Note 11 – Subsequent Events

 

On October 25, 2019, the Company entered into a Loan and Security Agreement (All Assets) (the "Loan Agreement") with MidCap Business Credit LLC ("MidCap"). The Loan Agreement provides the Company with a credit facility comprising a $5,000 revolving line of credit (the "MidCap Facility"). The MidCap Facility matures following the third anniversary of the Loan Agreement. Interest on the amounts outstanding under the Loan Agreement is variable, based upon the three-month LIBOR rate plus a margin of 4.75%, subject to re-set each month. All outstanding indebtedness under the Loan Agreement is secured by all of the assets of the Company and its subsidiaries.

 

The Loan Agreement contains customary covenants, including restrictions on the incurrence of additional indebtedness, the payment of cash dividends or similar distributions, the repayment of any subordinated indebtedness and the encumbrance, sale or other disposition of assets. In addition, the Company must maintain minimum availability of $500 initially with the minimum availability to be reduced to $400 upon the deliverance of an inventory appraisal satisfactory to MidCap.

 

The MidCap Facility replaces the Sterling Facility and the Sterling Agreement, which has been terminated.

 

The Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued. Based upon the evaluation, the Company did not identify any additional recognized or non-recognized subsequent events that would require adjustment to or disclosure in the condensed consolidated financial statements.