DEBT

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

DEBT

NOTE 8—DEBT

On April 22, 2022, the Company issued a $2.0 million unsecured promissory note through our subsidiary PeriShip Global as part of the acquisition of the business of PeriShip, LLC. The note has a fixed interest rate of 6% per annum on the unpaid principal balance, to be paid in three installments on the sixth, fifteenth, and eighteenth month anniversaries of the closing. The promissory note may be accelerated by the holder upon an Event of Default, as defined in the promissory note. Pursuant to the Guaranty, the Company unconditionally guaranteed to PeriShip the prompt and unconditional payment of the promissory note and any interest thereon, whether at stated maturity, by acceleration or otherwise, any and all sums of money that, at the time, may have become due and payable under the provisions of the promissory note, and all expenses that may be paid or incurred by the Seller in the collection of any portion of the promissory note or enforcement thereof, including reasonable attorney’s fees. As of June 30, 2022, our short term debt outstanding under the term of the promissory note was $0.5 million and total long-term debt outstanding under the term of the promissory note was $1.5 million.