PAYCHECK PROTECTION PROGRAM LOAN	3 Months Ended
Mar. 31, 2021
PAYCHECK PROTECTION PROGRAM LOAN
PAYCHECK PROTECTION PROGRAM LOAN	NOTE 8 – PAYCHECK PROTECTION PROGRAM LOAN During the second quarter of 2020, the Company received a loan from Silicon Valley Bank in the aggregate principal amount of $186 thousand pursuant to the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The loan was evidenced by a promissory note, dated April 21, 2020, issued by us to the lender, which was scheduled to mature on April 20, 2022, and bore interest at a rate of 1.00% per annum. Proceeds from the loan were used to fund designated expenses, including certain payroll costs, group health care benefits and other permitted expenses, in accordance with the PPP. Under the terms of the PPP, up to the entire amount of principal and accrued interest may be forgiven to the extent loan proceeds are used for qualifying expenses as described in the CARES Act and applicable implementing guidance issued by the U.S. Small Business Administration under the PPP. The full amount of the loan principal and interest was forgiven in February 2021. As there is currently no authoritative guidance with GAAP for accounting for a loan forgivable by a government entity, the Company elected to account for the loan forgiveness by analogy to International Accounting Standard 20, Accounting for Government Grants and Disclosure of Government Assistance, for which the forgiveness was recorded as contra-expense within selling, general and administrative expense, where the substantial majority of the Company’s corresponding payroll and operating expenses are incurred. Forgiveness of the PPP loan resulted in contra-expense of $186 thousand being recorded in selling, general and administrative expense during the three months ended March 31, 2021.

NOTE 8 – PAYCHECK PROTECTION PROGRAM LOAN

During the second quarter of 2020, the Company received a loan from Silicon Valley Bank in the aggregate principal amount of $186 thousand pursuant to the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The loan was evidenced by a promissory note, dated April 21, 2020, issued by us to the lender, which was scheduled to mature on April 20, 2022, and bore interest at a rate of 1.00% per annum. Proceeds from the loan were used to fund designated expenses, including certain payroll costs, group health care benefits and other permitted expenses, in accordance with the PPP. Under the terms of the PPP, up to the entire amount of principal and accrued interest may be forgiven to the extent loan proceeds are used for qualifying expenses as described in the CARES Act and applicable implementing guidance issued by the U.S. Small Business Administration under the PPP. The full amount of the loan principal and interest was forgiven in February 2021. As there is currently no authoritative guidance with GAAP for accounting for a loan forgivable by a government entity, the Company elected to account for the loan forgiveness by analogy to International Accounting Standard 20, Accounting for Government Grants and Disclosure of Government Assistance, for which the forgiveness was recorded as contra-expense within selling, general and administrative expense, where the substantial majority of the Company’s corresponding payroll and operating expenses are incurred. Forgiveness of the PPP loan resulted in contra-expense of $186 thousand being recorded in selling, general and administrative expense during the three months ended March 31, 2021.