Quarterly report pursuant to Section 13 or 15(d)

LOAN PAYABLE

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LOAN PAYABLE
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
LOAN PAYABLE

NOTE 4 - LOAN PAYABLE

 

On May 2, 2020, we received loan proceeds in the amount of approximately $1.8 million (the “PPP Loan”) under the Paycheck Protection Program (“PPP”). The PPP was established under the Coronavirus Aid, Relief and Economic Security Act, as amended (“CARES Act”) and is administered by the U.S. Small Business Administration (“SBA”). Under the terms of the CARES Act, PPP loan recipients can apply for loan forgiveness. The loan forgiveness for all or a portion of PPP loans was determined, subject to limitations, based on the use of loan proceeds over the 24 weeks after the loan proceeds are disbursed. In July 2021, we received notice from the SBA that our PPP loan has been forgiven. In the third quarter of 2021, the extinguishment of the PPP loan payable was recorded as PPP loan payable forgiveness income in the statement of operations and comprehensive loss. The forgiveness of the PPP loan payable was recorded as non-cash PPP loan payable forgiveness income in the statement of cash flows.