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Debt
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
DEBT

NOTE 5:

DEBT

Revolving Line

Pursuant to the terms of the loan and security agreement with Pacific Western Bank (the “Revolving Line”) the Company may request advances on a revolving line of credit of up to an aggregate principal of $30.0 million.

The Revolving Line matures on June 23, 2023. All outstanding principal amounts are due on the maturity date. The Company must also maintain an aggregate balance of unrestricted cash at Pacific Western Bank (“PWB”) (not including amounts in certain specified accounts) equal to or greater than $10.0 million. The interest rate under the Revolving Line is a variable annual rate equal to the greater of (a) 2.75% above the Prime Rate (as defined in the Revolving Line), or (b) 6.00%. As of March 31, 2022, the stated interest rate on the Revolving line was 6.25% and the effective interest rate was 7.03%.

In December 2021, the Company borrowed $2.5 million under the Revolving Line. As of March 31, 2022, $2.5 million was outstanding under the Revolving Line. The Company was in compliance with its financial covenants under the Revolving Line as of March 31, 2022.