• Filing Date: 2019-08-14
  • Form Type: 10-Q
  • Description: Quarterly report
v3.19.2
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)
Aug. 09, 2019
Jun. 30, 2019
Amount of borrowings   $ 150,000
Amount available to borrow   $ 850,000
Subsequent Event [Member]    
Loan description The loan is due on demand and has no financial covenants. Under the agreement, we were provided with a line of credit that is not to exceed the lesser of $1,000,000 or 85% of eligible accounts receivable. The interest rate is prime rate plus 1.5%, with a floor of 6.75%, plus a monthly maintenance fee of 0.4%, based on the average monthly loan balance. Interest is charged on a minimum loan balance of $500,000, a loan fee of 1% annually, and an exit fee of 3%, 2% and 1% during years one, two and three, respectively.