Line of Credit (Details Narrative) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | |
|---|---|---|---|
Nov. 13, 2018 |
Nov. 30, 2018 |
Dec. 31, 2018 |
|
| Line of credit | |||
| SVB Loan Agreement [Member] | First Year [Member] | |||
| Line of credit facility, description | 3.0% of the Revolving Line if the termination occurs in the first year of the SVB Loan Agreement. | ||
| SVB Loan Agreement [Member] | Second Year [Member] | |||
| Line of credit facility, description | 2.0% of the Revolving Line if the termination occurs in the second year of the SVB Loan Agreement. | ||
| SVB Loan Agreement [Member] | Third Year [Member] | |||
| Line of credit facility, description | 1.0% of the Revolving Line if the termination occurs in the third year of the SVB Loan Agreement. | ||
| Silicon Valley Bank [Member] | |||
| Line of credit | $ 4,000 | $ 850 | |
| Liine of credit outstanding accounts receivable | $ 4,000 | ||
| Line of credit, percentage | 5.00% | 0.50% | |
| Line of credit installment decription | Repayable in 36 equal monthly installments of principal commencing on June 3, 2019 through and including April 1, 2022. | ||
| Line of credit prepayment decription | The Company may prepay outstanding amounts of the Term Loan in whole, but not in part. Prepayment of the Term Loan requires payment of the Term Loan Final Payment and a Term Loan prepayment fee equal to 3.0% of the original principal amount of all Term Loan advances if prepaid in the first year of the SVB Loan Agreement, 2.0% of the original principal amount of the Term Loan advances if prepaid in the second year of the SVB Loan Agreement and 1.0% of the original principal amount of the Term Loan advances if paid in the third year of the SVB Loan Agreement. | ||
| Line of credit facility, description | The amount that may be borrowed under the Revolving Line is the lower of (i) $4.0 million or (ii) 80% of the Company’s eligible accounts receivable (as adjusted by SVB) minus any outstanding amounts under the Term Loan. Revolving Line outstanding amounts incur interest at a rate per annum equal to the Prime Rate plus 0.5%. The Company is also required to pay an unused Revolving Line facility fee monthly in arrears in an amount equal to 0.35% per annum of the average unused but available portion of the Revolving Line. The Revolving Line has a three year maturity. If the Company’s accounts receivable fail to satisfy certain financial requirements specified by the terms of the Revolving Loan, the Company may be required to repay the Revolving Loan in whole or in part. | The proceeds of the term loan are expected to be used for laboratory capital expenditures and will be repaid monthly. The balance of the Line of Credit is available for working capital purposes as a revolving line of credit and has a three-year term. The borrowing limit of the revolving line of credit is the lower of 80% of the Company’s eligible accounts receivable (as adjusted by SVB) and the aggregate amount of cash collections with respect to accounts receivable during the three prior calendar months. | |
| Line of credit, term | 3 years | 3 years | |
| Silicon Valley Bank [Member] | Prime Rate [Member] | |||
| Line of credit, percentage | 5.00% | 5.00% | |
| Silicon Valley Bank [Member] | Term Loan [Member] | |||
| Line of credit | $ 850 |