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Senior Secured Revolving Line of Credit
 12 Months Ended
Mar. 31, 2022
Credit Loss [Abstract]  
Senior Secured Revolving Line of Credit

 Note 11 — Senior Secured Revolving Line of Credit

 

On June 2, 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 year ended March 31, 2022 was 4.00%

 

The principal balance under the Revolving Credit Facility as of March 31, 2022 was $7.0 million. The Company was in compliance with all debt covenants associated with the senior secured revolving line of credit as of March 31, 2022.

 

Maturity analysis for the Company’s total outstanding debt is as follows:

 

For the years ended March 31,    
2023  $12 
2024   27,897 
Thereafter   148 
Total debt outstanding   28,057 
Less: Debt discount on senior secured convertible notes and line of credit   (1,403)
Total notes payable, convertible notes, related and non-related party, net and senior secured line of credit  $26,654