CREDIT LINE AND OTHER BORROWINGS |
6 Months Ended |
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Jun. 30, 2022 | |
| Debt Disclosure [Abstract] | |
| CREDIT LINE AND OTHER BORROWINGS | CREDIT LINE AND OTHER BORROWINGS Credit Line:
The Company has a line of credit of $15,000 with Silicon Valley Bank pursuant to an amended and restated Agreement dated December 26, 2018 as amended by an agreement date December 29, 2020 ( the “A&R Agreement”). As of June 30, 2022, the outstanding balance of the credit line was in the amount of $15,000. The maturity date of A&R Agreement is December 29, 2022. The Company extended A&R Agreement on August 4, 2022. Refer to Note 12 for further details.
The credit installments bear US dollar denominated interest at an annual rate equal to .75%-1% plus a prime rate on the outstanding principal of each credit installment. The Company was in compliance with all the covenants, primarily maintaining an adjusted quick ratio of at least 1.20:1.00. As defined in the A&R Agreement “adjusted quick ratio” is the ratio of (a) quick assets to (b) current liabilities minus the current portion of deferred revenue. “Quick assets” determines as the Company’s unrestricted cash plus accounts receivable, net, determined according to US GAAP. As of June 30, 2022, the Company is in compliance with all the covenants.
During the quarter ended June 30, 2022, the Company utilized $15,000 of the $15,000 credit line, $6,000 of which was drawn during 2020 and $9,000 was drawn during the second quarter of 2022.
PPP Loan:
In April, 2020, the Company obtained an unsecured loan of $3,516 through SVB under the PPP Loan.
In May, 2020, the Company entered into the Grant Agreement with SSIG to receive $504 from SSIG, a related party of one of the Company’s investors, for the purpose of a partial repayment of the PPP Loan.
In June, 2021, the Company repaid the outstanding balance of the PPP Loan of $3,012. Interest expenses for the Credit Line and PPP Loan for the three months ended June 30, 2022 and 2021 were $77 and $67, respectively, and were recorded in finance expenses, net in the condensed consolidated statements of operations.
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