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Loan and Security Agreement
3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Loan and Security Agreement Loan and Security AgreementAs of March 31, 2021, under the revolving line of credit with Silicon Valley Bank, or, SVB, the amount the Company can borrow was the lesser of $45.0 million or 80% of eligible accounts receivable less certain reserves, minus the aggregate principal amount of all outstanding advances. Interest accrues on advances under the revolving line of credit at a variable rate equal to the prime rate. An unused revolver fee in the amount of 0.30% per annum of the average unused portion of the revolver line is charged and is payable quarterly in arrears in any quarter where the average closing outstanding balance is less than $5.0 million. As of March 31, 2021, the applicable interest rate under the revolving line of credit was 3.25%. The maturity date of the revolving line of credit is June 6, 2021. As of March 31, 2021 there were no outstanding advances under the revolving line of credit. The Company’s obligations under the line of credit and the letters of credit (described in Note 6) with SVB are secured by substantially all of its assets excluding its intellectual property. The Loan Agreement contains affirmative covenants including financial covenants that, among other things, require the Company to maintain an adjusted quick ratio of no less than 1.0 to 1.0. The adjusted quick ratio is defined as the ratio of unrestricted cash and cash equivalents at SVB, plus billed accounts receivable to total accounts payable plus all SVB loans outstanding and outstanding letters of credit. The Loan Agreement also restricts the Company from paying dividends to stockholders without prior consent from SVB. The Company was in compliance with the financial covenants as of March 31, 2021.