Credit Facility	9 Months Ended
Sep. 30, 2020
Credit Facility
Note 5. Credit Facility	Note 5: Credit Facility In March 2016, the Company entered into a $2.5 million revolving loan agreement (the “Credit Facility”) with Western Alliance Bank. The agreement originally matured on March 21, 2018 and was amended to mature on June 19, 2022. There are no mandatory amortization provisions, and the Credit Facility is payable in full at maturity. As of September 30, 2020, the Credit Facility is collateralized by a lien on substantially all of the existing and future assets of the Company and secured by a pledge of 100% of the capital stock of SharpSpring Technologies, Inc. and a 65% pledge of the Company’s foreign subsidiaries’ stock. The Credit Facility subjects the Company to a number of restrictive covenants, including financial and non-financial covenants customarily found in loan agreements for similar transactions. The Credit Facility also restricts our ability to pay cash dividends on our common stock. As of September 30, 2020, the Credit Facility carried an interest rate of 5.0%. and there was $1.90 million Line of Credit outstanding under the Credit Facility. As December 31, 2019 there were no amounts outstanding. The interest expense relating to the Credit of Facility for three ended September 30, 2020 and 2019 was $0.03 million and $0, respectively. The interest expense relating to the Credit of Facility for nine months ended September 30, 2020 and 2019 was $0.06 million and $0, respectively. No events of default have occurred.

Credit Facility

9 Months Ended

Sep. 30, 2020

Note 5: Credit Facility

In March 2016, the Company entered into a $2.5 million revolving loan agreement (the “Credit Facility”) with Western Alliance Bank. The agreement originally matured on March 21, 2018 and was amended to mature on June 19, 2022. There are no mandatory amortization provisions, and the Credit Facility is payable in full at maturity. As of September 30, 2020, the Credit Facility is collateralized by a lien on substantially all of the existing and future assets of the Company and secured by a pledge of 100% of the capital stock of SharpSpring Technologies, Inc. and a 65% pledge of the Company’s foreign subsidiaries’ stock. The Credit Facility subjects the Company to a number of restrictive covenants, including financial and non-financial covenants customarily found in loan agreements for similar transactions. The Credit Facility also restricts our ability to pay cash dividends on our common stock. As of September 30, 2020, the Credit Facility carried an interest rate of 5.0%. and there was $1.90 million Line of Credit outstanding under the Credit Facility. As December 31, 2019 there were no amounts outstanding. The interest expense relating to the Credit of Facility for three ended September 30, 2020 and 2019 was $0.03 million and $0, respectively. The interest expense relating to the Credit of Facility for nine months ended September 30, 2020 and 2019 was $0.06 million and $0, respectively. No events of default have occurred.