Annual report pursuant to Section 13 and 15(d)

DEBT OBLIGATIONS

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DEBT OBLIGATIONS
12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
DEBT OBLIGATIONS

NOTE 11  DEBT OBLIGATIONS 

 

On February 8, 2018, the Company issued a Promissory Note to KeyBank National Association (“KeyBank”) in the amount of $1.5 million as a variable rate revolving line of credit loan due on demand with an interest rate of LIBOR plus 2.25%, collateralized with a certificate of deposit in the amount of $1.5 million.  The Company entered into this arrangement to establish a credit lending history and, in the event needed, to have additional cash on hand for future expansion.  On September 25, 2018, KeyBank released the certificate of deposit as collateral for the loan and the Company executed a Commercial Security Agreement as collateral for the loan. As of December 31, 2019, and 2018, the Company had no outstanding amounts against the line of credit.