LOAN PAYABLE |
9 Months Ended |
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Sep. 30, 2022 | |
| Debt Disclosure [Abstract] | |
| LOAN PAYABLE |
Note 6. LOAN PAYABLE
In March 2021, the Company received a second U.S. Small Business Administration (the “SBA”) Paycheck Protection Program (“PPP”) Loan for $0.2 million bearing interest at a one percent (1.0%) fixed annual rate, and will mature in two years, and is eligible for forgiveness under certain conditions. In light of the technical two-year nature of the loan, the Company presented a portion of the PPP balance as a current liability. In April 2022, the Company received forgiveness from the SBA. The Company recorded a gain of $0.2 million on the extinguishment of debt in the accompanying condensed consolidated statements of operations in each of the nine months ended September 30, 2022 and 2021, respectively.
In September 2022, the Company obtained short-term financing of approximately $0.5 million with ten monthly payments of approximately $42,000 and interest at a 4.3% fixed annual rate for director and officer insurance policies.
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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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