|3 Months Ended|
Mar. 31, 2020
|Subsequent Events [Abstract]|
Note 13 – Subsequent Events
Promissory note under the Paycheck Protection Program
On April 22, 2020 the Company entered into a promissory note (the “Note”) under the Paycheck Protection Program (the “PPP”) with Silicon Valley Bank (“SVB”), in the amount of $780,942 (the “PPP Loan”). The Paycheck Protection Program was established under the recently enacted Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and is administered by the U.S. Small Business Administration. Under the terms of the Note and the PPP Loan, interest accrues on the outstanding principal at the rate of 1.0% per annum. The term of the Note is two years. The Note may be prepaid in part or in full, at any time, without penalty. On May 6, 2020 the Company exercised its right to prepay the loan in full and returned the entirety of the funds to SVB.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef