XML 123 R23.htm IDEA: XBRL DOCUMENT
v3.20.2

Subsequent Events | 9 Months Ended
--- | ---
Sep. 30, 2020
Subsequent Events [Abstract] |
Subsequent Events | On September 14, 2020, the Company signed an initial agreement for the purchase of an office building to relocate its corporate headquarters, in Irving, Texas, for $3.521 million. The building has approximately 73,000 rentable square feet, and is approximately 70% leased. We closed on the purchase of the building on November 4, 2020. The purchase was partly financed through a $2.96 million, 5 year loan, bearing an annual interest rate of 3.25%, amortized over 20 years, payable to Texas Bank & Trust. The Company will continue to sublet the building to offset the note payments. The coronavirus disease 2019 (COVID-19) pandemic has adversely affected global economic business conditions. Future sales on products like ours could decline due to increased commodities prices, particularly gold. Although we are continuing to monitor and assess the effects of the COVID-19 pandemic, the ultimate impact is highly uncertain and subject to change. We saw an adverse impact on the Company’s sales for the quarter ended June 30, 2020, and the pandemic may have a negative impact on our operations into year 2021. The duration of any such impact cannot be predicted, and the Company believes additional liquidity may be necessary to support ongoing operations during this period of uncertainty. The Company entered into a Federal Loan effective April 20, 2020 with Truist Bank (f/k/a BB&T Bank) as the lender in an aggregate principal amount of approximately $1.67 million pursuant to the Paycheck Protection Program under the Coronavirus Aid Relief, and Economic Security (CARES) Act. Subject to the terms of the note, the Federal Loan bears interest at a fixed rate of 1% per annum, with interest deferred up to 7 months payable monthly thereafter, has an initial term of two years and is unsecured and guaranteed by the Small Business Administration. The loan is intended to pay employees and cover certain rent and utility-related costs during the COVID-19 pandemic. The Federal Loan is forgivable to the extent that certain criteria are met. We will apply for the forgiveness of the Federal Loan during the fourth quarter ending December 31, 2020. There is no assurance that the Company will be granted forgiveness of the Federal Loan.

X
- References No definition available. + Details
Name: | us-gaap_SubsequentEventsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
Name: | us-gaap_SubsequentEventsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration