Subsequent Events

9 Months Ended

Sep. 30, 2019

Subsequent Events

Subsequent Events

16. Subsequent Events

On November 7, 2019, we entered into a loan and security agreement for a 364-day senior secured working capital revolving line of credit with Silicon Valley Bank. The asset-based revolving credit facility provides for a maximum amount up to the lesser of (i) $10.0 million, or (ii) 80% advance rate against eligible accounts receivable, as described in the agreement. Any borrowing under the facility will bear interest at a floating rate equal to the greater of (i) WSJ Prime Rate plus 0.50%, or (ii) 5.0%. We must also pay an unused line per annum fee of 0.20% based on maximum commitments less outstanding balances on the line of credit, payable monthly in arrears. The agreement is secured by all assets, including intellectual property.

There are no outstanding borrowings under the revolving credit facility.