Quarterly report pursuant to Section 13 or 15(d)

Debt

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Debt
6 Months Ended
Jun. 30, 2020
Debt  
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5. Debt

In May 2020, the Company received loan funds (the "Loan") from the Paycheck Protection Program ("PPP") of approximately $0.278 million. If the Loan is not forgiven, it will mature in May 2022 and bear interest at a rate of 1.0% per annum, payable on a monthly basis commencing in December 2020. Subject to preliminary guidance received from the Small Business Administration on loan forgiveness, the Company believes that the entire loan balance will be forgiven. Until such loan is officially forgiven, the Company will maintain the loan balance on the financial statements.

The Company has no additional indebtedness at June 30, 2020 and December 31, 2019.