Annual report pursuant to Section 13 and 15(d)

LOAN PAYABLE

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LOAN PAYABLE
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
LOAN PAYABLE

NOTE 7 – LOAN PAYABLE

 

On May 2, 2020, the Company 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, the Company received notice from the SBA that its PPP loan was forgiven. The extinguishment of the PPP loan payable was recorded as PPP loan payable forgiveness income in the statement of operations and comprehensive loss and as non-cash PPP loan payable forgiveness income in the statements of cash flows during the year ended December 31, 2021.