Debt

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Debt

7. DEBT

Revolving Line of Credit

During 2018, the Company has a revolving credit facility with Northwest Bank (“Northwest”) that allows for borrowings to the lesser of (i) $2,000,000 or (ii) 95% of the balance in the Company’s money market account less $250,000. The borrowings are secured by the Company’s existing deposit and money market accounts with Northwest. The facility bears interest at a rate consistent with Northwest’s money market account (1.51% at December 31, 2018) plus 3%. Interest is payable monthly and the principal is due upon maturity on May 22, 2019. As of December 31, 2018, there were no amounts outstanding under this facility and unused availability under this facility was $2,000,000.

On January 10, 2019 the Company terminated the above facility with Northwest and on February 6, 2019 it entered into a similar facility with Citibank that allows borrowings up to $2,000,000 and are secured by collateralized accounts. The facility bears interest at a rate of Citibank’s Base Rate minus 2%. Interest is payable monthly. As of March 21, 2019, there were no amounts outstanding under this facility and unused availability under this facility was $2,000,000.