NOTES PAYABLE |
12 Months Ended |
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Dec. 31, 2019 | |
| Debt Disclosure [Abstract] | |
| NOTES PAYABLE |
NOTES PAYABLE
In October 2018, the Company entered into a finance agreement with First Insurance Funding in order to fund a portion of its insurance policies, which was amended in January 2019. The amount financed was $0.5 million and bears interest at a rate of 5.15%. The Company was required to make monthly payments of $0.1 million through July 2019. As of December 31, 2019 there was no outstanding balance. The outstanding balance was $0.5 million as of December 31, 2018.
The Company previously entered into promissory notes and convertible notes with different lenders. During the year ended December 31, 2018, the Company repaid all remaining amounts outstanding under these agreements, and there was no outstanding balance as of December 31, 2018.
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- References No definition available.
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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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