RE:LOCThe LOC is
not fully used but has been "drawn down" or accessed. They still had $13.6M at the end of August.
Line of Credit Drawdown
In September 2020, the Company drew down $29.1 million under its non-revolving secured line of credit (“LOC”) provided by SALP, representing the entire balance that the Company may draw under the LOC. The principal amount borrowed under the LOC bears a stated interest of 10%, payable quarterly, and matures on April 23, 2024. As of August 31, 2020, the Company had cash and cash equivalents of approximately $13.6 million, and this LOC drawdown provides additional liquidity to support the Company’s ongoing operations.
thewolf4 wrote: LOC fully used now.. financing coming??