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Loan
12 Months Ended
Dec. 31, 2022
Loan  
Loan

10. Loan.

 

In April 2020, the Company entered into a loan agreement in the amount of $1,054,000 pursuant to the Paycheck Protection Program (the “PPP”) of the CARES Act.

 

The Company’s application for forgiveness of the amount due under the loan, including accrued interest, was approved by the U.S. Small Business Administration on January 29, 2021. Accordingly, for the year ended December 31, 2021, the debt of $1,054,000, plus accrued interest of $8,000 was eliminated with a gain on debt extinguishment included in other income.