Debt

3 Months Ended

Mar. 31, 2021

The Company’s carrying value of debt consisted of the following (in thousands):


	March 31, 2021		December 31, 2020
Unsecured promissory note	$	1,080	$	1,080
Secured term note payable - related party	1,077		1,077
Secured promissory note - related party	4,438		5,000
Insurance and other notes payable	418		714
Less: amounts due within one year	(4,253)		(4,463)
Total long-term debt	$	2,760	$	3,408

Unsecured Promissory Note

During 2020, the Company received loan proceeds of $1.1 million (the “Loan”) pursuant to the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). Under the terms of the PPP, all or a portion of the principal may be forgiven if the Loan proceeds are used for qualifying expenses as described in the CARES Act, such as payroll costs, benefits, rent, and utilities. While no assurance is provided that the Company will obtain forgiveness of the Loan in whole or in part, management believes we currently meet the requirements. The Company has applied for forgiveness under the terms of the Loan and is currently awaiting a response. With respect to any portion of the Loan that is not forgiven, the Loan will be subject to customary provisions for a loan of this type, including customary events of default relating to, among other things, payment defaults and breaches of the provisions of the Note.

During the three months ended March 31, 2021 and 2020, the Company recorded interest expense on debt as follows (in thousands):


	March 31, 2021		March 31, 2020
Unsecured promissory note	$	—	$	—
Secured term note payable - related party	10		25
Secured promissory note - related party	154		215
Insurance and other notes payable	14		11
Total interest expense	$	178	$	251

Certain of the agreements governing our outstanding debt have certain covenants with which we must comply. As of March 31, 2021, we were in compliance with all of these covenants.