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Paycheck Protection Program Loan Payable | 9 Months Ended
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Sep. 30, 2020
Paycheck Protection Program Loan Payable [Abstract] |
PAYCHECK PROTECTION PROGRAM LOAN PAYABLE | 9. PAYCHECK PROTECTION PROGRAM LOAN PAYABLE On April 14, 2020, the Company received a loan in the amount of $124,400 under the Paycheck Protection Program ("PPP") administered by the United States Small Business Administration (the "SBA") from East West Bank. According to the Coronavirus Aid, Relief, and Economic Security Act (the "Cares Act"), PPP loan provides for forgiveness of up to the full principal amount and accrued interest if the funds are used for payroll costs, interest on mortgages, rent, and utilities. However, at least 60% of the forgiven amount must have been used for payroll. The loan was granted pursuant to a promissory note dated April 14, 2020 issued by the Company, which matures on April 13, 2022 and bears interest at a rate of 1.00% per annum. The Company will pay the principal in one payment of all outstanding principal plus all accrued unpaid interest on that date that is two years after the date of the promissory note. In addition, the Company will pay regular monthly payments in an amount equal to one month's accrued interest commencing on the date that is seven months after the date of the promissory note, with all subsequent interest payments to be due on the same day of each month after that. No collateral or personal guarantees are required.

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