DEBT OBLIGATIONS |
6 Months Ended |
|---|---|
Jun. 30, 2019 | |
| Debt Disclosure [Abstract] | |
| DEBT OBLIGATIONS |
NOTE 6 DEBT OBLIGATIONS
On February 8, 2018, the Company executed a Promissory Note with 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 June 30, 2019, the Company has no outstanding amounts against the line of credit. |