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12. LONG TERM LIABILITY | 3 Months Ended
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Dec. 31, 2020
Loans Payable [Abstract] |
LONG TERM LIABILITY | In April 2020, we applied for an unsecured loan pursuant to the PPP administered by the SBA and authorized by the CARES Act. Section 1106 of the Act provides for forgiveness of up to the full principal amount of qualifying loans guaranteed under the Paycheck Protection Program. On April 27, 2020, we received the SBA loan from the Lender in the principal amount of $1,456,100. The SBA Loan is evidenced by the Promissory Note to the Lender. The term of the Promissory Note is two years, though it may be payable sooner in connection with an event of default under the Note. The SBA Loan carries a fixed interest rate of one percent per year, with the first payment due seven months from the date of initial cash receipt. For the three months ended December 31, 2020 we accrued interest expense of $3,670 related to the SBA Loan and is recorded in accrued expenses on the condensed consolidated balance sheet at December 31, 2020. In addition, $939,826 of the loan has been reclassified as short-term on the condensed consolidated balance sheet at December 31, 2020. Under the CARES Act and the PPP, certain amounts of loans made under the PPP may be forgiven if the recipients use the loan proceeds for eligible purposes, including payroll costs and certain rent or utility costs, and meet other requirements regarding, among other things, the maintenance of employment and compensation levels. We have used the SBA Loan for qualifying expenses and intend to apply for forgiveness of the SBA Loan in accordance with the terms of the CARES Act. The Promissory Note provides for customary events of default, including, among others, those relating to failure to make payment, bankruptcy, materially false or misleading representations to the Lender or the SBA, and adverse changes in our financial condition or business operations that the Lender believes may materially affect our ability to pay the SBA Loan.

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