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Debt
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Debt

Note 14 — Debt

 

Paycheck Protection Program Loans under the Coronavirus Aid, Relief, and Economic Security Act

 

In May and July 2020, the Company entered into two separate PPP Loans with Bank of America pursuant to the Paycheck Protection Program (the “PPP”) under the CARES Act administered by the U.S. Small Business Administration (“SBA”).

 

The Company received total proceeds of approximately $779 thousand and $44 thousand from the unsecured PPP Loans, which are scheduled to mature on May 7, 2022 and July 27, 2025, respectively. Subject to certain conditions, the PPP Loan may be forgiven in whole or in part by applying for forgiveness pursuant to the CARES Act and the PPP. In September 2021, the PPP Loan in the amount of $44 thousand was 100% forgiven by the SBA. As a result, the Company recorded a gain of $45 thousand on the forgiveness on the loan and the associated accrued interest. The Company’s submission to have the remaining $779 thousand PPP Loan forgiven is currently being reviewed by the SBA. If the remaining principal amount from the $779 thousand PPP Loan is not forgiven in full, the Company would be obligated to repay any principal amount not forgiven and interest accrued thereon.

 

PurePressure SBA Debt

 

As part of the acquisition of PurePressure, $159 thousand of debt remained outstanding from SBA loan as of December 31, 2021. This debt has subsequently been paid as a part of the PurePressure acquisition.