Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

Subsequent Events
3 Months Ended
Mar. 31, 2020
Subsequent Events [Abstract]  
Subsequent Events

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.