Revolving Credit Facility

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Revolving Credit Facility

NOTE 9: REVOLVING CREDIT FACILITY

On April 4, 2022, the Company secured a $950,000 revolving credit facility with Live Oak Bank (“Revolving Credit Facility”). The Revolving Credit Facility matures on March 28, 2029, and draws on it are charged interest at the rate of prime plus 2.75% per annum. Interest is payable monthly. On April 12, 2022, the Company was advanced $300,025 under the Revolving Credit Facility. The Company incurred $19,351 in interest in the nine months ended September 30, 2022, of which $11,971 is accrued for as of September 30, 2022.