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Loan and Security Agreement
12 Months Ended
Dec. 28, 2019
Debt Disclosure [Abstract]  
Loan and Security Agreement

13. Loan and Security Agreement

In November 2016, the Company entered into a Loan and Security Agreement (“Loan Agreement”) with Silicon Valley Bank providing for up to $15.0 million secured revolving loan facility (“Revolving Loan Facility”), with availability subject to an accounts receivable borrowing base formula. Borrowings under the Revolving Loan Facility accrue interest at a per annum rate equal to the Wall Street Journal Prime Rate as in effect from time to time, plus 1.5%.  The Loan Agreement does not include any financial covenants. The Loan Agreement expired in November 2, 2019 and was amended (First Amendment to the Loan Agreement) to extend through January 1, 2020.

In January 2020, the Company reduced the credit line to match its expected borrowing base, which is reflected in Second Amendment to The Loan Agreement providing for up to $8.0 million Revolving Loan Facility through January 1, 2021.

As of December 28, 2019 and December 29, 2018, there were no amounts outstanding.