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Long-term Borrowings
12 Months Ended
Dec. 31, 2021
Long-Term Borrowings [Abstract]  
LONG-TERM BORROWINGS
NOTE 12:- LONG-TERM BORROWINGS

 

Marshall loan

 

In December 2021 the Company entered into a Secured Loan Facility Agreement with Marshall Investments MIG Pty Ltd. The total loan received prior to year-end was $7.63 million. The loan matures in 2023 and bears interest at a rate of 12.00% per annum, payable monthly which commenced December 2021.The Loan facility is secured by a general security agreement given by the Company.

 

Paycheck protection program (“PPP”) loan

 

During 2020, the Company was granted a PPP loan in the amount of $14,000. The PPP, established as part of the CARES Act, provides for loans to qualifying businesses for amounts up to 2.5 times of the average monthly payroll expenses of the qualifying business. In connection with the PPP loan, the Company issued a promissory note, in the principal amount of $14,000. The loan matures in 2022 and bears interest at a rate of 1.0% per annum, payable monthly which commenced May 21, 2021. The note may be prepaid at any time prior to maturity with no prepayment penalties. Funds from the loan may only be used for payroll costs, benefits, rent, utilities and interest on other debt obligations incurred prior to February 15, 2020. The Company used the entire amount for such qualifying expenses.