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6. DEBT AND CREDIT FACILITIES | 6 Months Ended
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Jun. 30, 2019
Debt Disclosure [Abstract] |
DEBT AND CREDIT FACILITIES | In December 2018, Cellerate, LLC executed agreements with Cadence Bank, N.A. (“Cadence”) which provided Cellerate, LLC access to a revolving line of credit up to a maximum principal amount of $1,000,000. The line of credit is intended to support short-term working capital requirements of Cellerate, LLC. The line of credit is secured by all present and future inventory, all present and future accounts receivable, other receivables, contract rights, instruments, documents, notes, and all other similar obligation and indebtedness that may now and in the future be owed to the Company, and all general intangibles. The interest rate per annum under this loan is the “Prime Rate” as it varies from time to time and designated in the “Money Rates” section of the Wall Street Journal plus 0.75%. The Prime Rate at June 30, 2019 was 5.500% per annum, resulting in a rate of 6.250% per annum through June 30, 2019. On June 21, 2019, the Company executed a modification agreement with Cadence whereby the Company and Cadence agreed to increase the Company’s revolving line of credit from $1,000,000 million to a maximum principal amount of $2,500,000. Most terms of the modification agreement, including security and interest rate, were unchanged from the original loan agreement. Significant changes under the terms of the modification agreement include moving the maturity date from December 16, 2019 to June 19, 2020, and the addition of a financial covenant requiring the Company to effect an equity investment into the Company of $5,000,000 no later than December 31, 2019. The expanded line of credit is intended to provide the Company with additional working capital for its product pipeline, sales force expansion and other corporate purposes. The Company made its first draw on the line of credit in the amount of $500,000 on March 11, 2019 and a second draw of $500,000 on May 29, 2019. The total outstanding line of credit balance was $1,000,000 at June 30, 2019. Accrued interest was $4,861 at June 30, 2019.

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