Annual report pursuant to Section 13 and 15(d)

Debt Agreements

v3.23.1
Debt Agreements
12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Debt Agreements

 

6. Debt Agreements

 

Paycheck Protection Program Loan

 

On April 20, 2020, we received an approximately $654,000 loan, or PPP Loan, pursuant to the Paycheck Protection Program of the CARES Act that bore interest at the annual rate of 1.0% and matured in April 2022. The proceeds of the PPP Loan were to be used to retain workers and maintain payroll and make mortgage interest, lease and utility payments and were subject to forgiveness in accordance with requirements of the Small Business Administration. The PPP Loan originally had a six-month deferral of payments period which was extended to sixteen months during the third quarter of 2020. In May 2021, the entire balance of the PPP loan along with accrued interest was forgiven and the approximately $0.7 million gain on extinguishment of the debt was included in other income (expense) in our statements of operations.