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Notes Payable and Line of Credit
3 Months Ended
Mar. 31, 2023
Long-Term Debt, Unclassified [Abstract]  
Notes Payable and Line of Credit

Note 9. Notes Payable and Line of Credit

On February 18, 2022, we entered into a loan and security agreement with Silicon Valley Bank (SVB), providing a revolving line of credit for $4.0 million. The line of credit only allowed for maximum advances of 80% of the aggregate face amount of certain eligible receivables. The line of credit bore an interest rate of WSJ prime (currently 7.5%) plus 1.75%. The lender had a first security interest in all of the Company's and NimbeLink’s assets, excluding intellectual property, for which the lender received a negative pledge and included certain financial and non-financial covenants. The Company was required to pay monthly interest and paid an annual commitment fee of $15,000 upon signing.

As of March 31, 2023, there was no balance owed on the line of credit and it expired by its terms in February 2023.