Polar Power, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Cover
- Cover
Financial Statements
Notes to Financial Statements
Accounting Policies
- ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
Notes Tables
Notes Details

LINE OF CREDIT (Details Narrative)

v3.21.2

LINE OF CREDIT (Details Narrative) - Loan and Security Agreement [Member] - Pinnacle Bank [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($)
Debt Instrument [Line Items]
Proceeds from advanced on revolving credit facility	$ 0
Line of credit remaining borrowing capacity	$ 2,612
Line of credit facility, description	The Loan Agreement provides for a revolving credit facility under which Pinnacle may make advances to the Company, subject to certain limitations and adjustments, of up to (a) 85% of the aggregate net face amount of the Company’s accounts receivable and other contract rights and receivables, plus (b) the lesser of (i) 35% of the lower of cost or wholesale market value of certain inventory of the Company
Line of credit facility, maximum borrowing capacity	$ 4,000
Line of credit facility, interest rate description	Interest accrues on the daily balance at a rate of 1.25% above the prime rate, but in no event less than 3.75% per annum
Line of credit facility, fee percentage	1.125%
Standard Interest Rate [Member]
Debt Instrument [Line Items]
Line of credit facility, interest rate during period	1.25%
Standard Interest Rate [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Line of credit facility, interest rate during period	3.75%
Inventory Interest Rate [Member]
Debt Instrument [Line Items]
Line of credit facility, interest rate during period	2.25%
Inventory Interest Rate [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Line of credit facility, interest rate during period	4.75%

- 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.

+ References

No definition available.

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- Definition

The fee, expressed as a percentage of the line of credit facility, for the line of credit facility regardless of whether the facility has been used.

+ References

No definition available.

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- Definition

Description of the terms of a credit facility arrangement. Terms typically include interest rate, collateral required, guarantees required, repayment requirements, and restrictions on use of assets and activities of the entity.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19(b),22(b))
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- Definition

Description of interest rate for borrowing under credit facility. Includes, but is not limited to, terms and method for determining interest rate.

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- Definition

The effective interest rate during the reporting period.

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- Definition

Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility.

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- Definition

Amount of borrowing capacity currently available under the credit facility (current borrowing capacity less the amount of borrowings outstanding).

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- Definition

Amount of cash inflow from contractual arrangement with the lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123570139&loc=d3e3255-108585

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

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