SUBORDINATED TERM LOAN (Details Narrative) - USD ($) $ in Thousands |
1 Months Ended | |
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May 23, 2019 |
Feb. 09, 2016 |
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Subordinated Loan Agreement [Member] | ||
Offsetting Assets [Line Items] | ||
Subordinated Term Loan | $ 15,000 | |
Maturity date | Dec. 31, 2020 | |
Interest rate description | Prior to May 23, 2019, interest accrued at 2.475% per annum and was payable quarterly. In accordance with the amendments below, the interest rate changed as follows: | |
Subordinated Loan Agreement A [Member] | ||
Offsetting Assets [Line Items] | ||
Interest rate description | Amendment Number 3, on May 23, 2019, the interest rate changed to 9.0% per annum to be accrued | |
Subordinated Loan Agreement B [Member] | ||
Offsetting Assets [Line Items] | ||
Interest rate description | Amendment Number 4, on March 30, 2020, the interest rate changed to 9.0% per annum through December 31, 2020 and from and after January 1, 2021, at a rate of 12.0% per annum to be accrued; and | |
Subordinated Loan Agreement C [Member] | ||
Offsetting Assets [Line Items] | ||
Interest rate description | Amendment Number 5, on December 30, 2020, the interest rate from January 1, 2021 and thereafter changed to 9.0% per annum to be accrued, subject to reversion to 12.0% if a condition subsequent is not satisfied. The subsequent condition was satisfied |
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- Definition Description of any adjustments made to the stated rate to determine the effective rate. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Date when the debt instrument is scheduled to be fully repaid, in YYYY-MM-DD format. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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- Definition Carrying value as of the balance sheet date of collateralized/uncollateralized debt obligation (with maturities initially due after one year or beyond the operating cycle if longer), excluding current portion. Subordinated debt places a lender in a lien position behind the primary lender of the company. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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