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Long-term loan
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Long-term loan

10. Long-term loan

On May 5, 2020, the Company received funding under a promissory note dated May 5, 2020 evidencing an unsecured non-recourse loan in the principal amount of $2,152 under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) (the “Loan”). The Loan to the Company was made through Legacy Bank of Florida (the “Lender”).

As of December 31, 2020, long-term loan consists of the following:

 

(In thousands)

 

December 31, 2020

 

Principal amount

 

$

2,152

 

Included in consolidated balance sheet:

 

 

 

 

Current portion of long-term loan

 

$

449

 

Long-term loan (non-current)

 

 

1,703

 

 

 

$

2,152

 

 

The Loan had a two-year term and a contractual maturity of May 5, 2022. The interest rate on the Loan is 1.0% per annum.

On June 16, 2021, the Company received a notice from the Lender that the full principal amount of the Loan of $2,152 and the accrued interest of $23 had been fully forgiven, and the U.S. Small Business Administration remitted the forgiveness payment to the Lender, resulting in a gain on extinguishment of debt of $2,175 during the three months ended June 30, 2021.