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Senior Secured Revolving Line of Credit
 3 Months Ended
Jun. 30, 2021
Credit Loss [Abstract]  
Senior Secured Revolving Line of Credit

Note 11 — Senior Secured Revolving Line of Credit

 

On June 7, 2021, the Company entered into a Business Loan Agreement with East West Bank (the “Senior Lender”), which provides for a revolving credit facility collateralized by all of the assets of the Company and its subsidiaries. In connection with the Business Loan Agreement, the Company entered into a Promissory Note with the Senior Lender and established the revolving line of credit in the amount of $7.0 million (the “Revolving Credit Facility”), maturing on June 2, 2023. Under the terms of the Promissory Note, the Revolving Credit Facility bears interest at a variable rate equal to the Wall Street Journal Prime Rate, plus 0.5%. The interest rate for the quarter ended June 30, 2021 was 3.75%.

 

During June 2021, the Company drew down on the Revolving Credit Facility in aggregate advance amounts of $6.0 million. The principal balance under the Revolving Credit Facility as of June 30, 2021 was $6.0 million.