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DEBT AND CREDIT FACILITIES | 6 Months Ended
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Jun. 30, 2022
Debt And Credit Facilities |
DEBT AND CREDIT FACILITIES | NOTE 7 – DEBT AND CREDIT FACILITIES Revolving Line of Credit On January 15, 2021, the Company entered into a loan agreement (the “Loan Agreement”) with Cadence Bank, N.A. (“Cadence”) providing for a $2.5 million revolving line of credit. Pursuant to the terms of the Loan Agreement, the revolving line of credit was set to mature on January 13, 2023 and was secured by substantially all of the Company’s assets. On February 11, 2021, the Company made an $800,000 draw on the revolving line of credit. On February 19, 2021, the Company paid down the entire balance of the revolving line of credit. As of December 31, 2021, there were no outstanding amounts owed by the Company under the Loan Agreement. Effective March 25, 2022, the Company terminated the Loan Agreement and released Cadence from any obligation to make advances under the Loan Agreement. No amounts of principal, interest or other fees and expenses were owed by the Company as of the termination date.

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