DEBT AND CREDIT FACILITIES	12 Months Ended
Dec. 31, 2021
Debt And Credit Facilities
DEBT AND CREDIT FACILITIES	NOTE 10 – DEBT AND CREDIT FACILITIES *Revolving Line of Credit* On January 15, 2021, the Company entered into a loan agreement (the “Loan Agreement”) with Cadence providing for a $2.5 million revolving line of credit. Pursuant to the terms of the Loan Agreement, the revolving line of credit was set to mature on January 13, 2023, and was secured by substantially all of the Company’s assets. On February 11, 2021, the Company made an $800,000 draw on the revolving line of credit. On February 19, 2021, the Company paid down the entire balance of the revolving line of credit. As of December 31, 2021, there were no outstanding amounts owed by the Company under the Loan Agreement. Effective March 25, 2022, the Company terminated the Loan Agreement and released Cadence from any obligation to make advances under the Loan Agreement. No amounts of principal, interest or other fees and expenses were owed by the Company as of the termination date. *Promissory Note – Paycheck Protection Program* On April 22, 2020, the Company executed an unsecured promissory note (the “PPP Loan”) to Cadence pursuant to the Paycheck Protection Program (the “PPP”) under Division A, Title I of the federal Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The Company used the PPP Loan proceeds for covered payroll costs and other costs in accordance with the relevant terms and conditions of the CARES Act. The PPP Loan was in the principal amount of $583,000 and bore interest at a fixed rate of 1.00% per annum. Under the terms of the PPP and the CARES Act, the Company applied for forgiveness of the full amount due on the PPP Loan. In November 2020, full amount of the PPP Loan, including accrued interest, was forgiven and reported under Other income in the consolidated statements of operations.

DEBT AND CREDIT FACILITIES

12 Months Ended

Dec. 31, 2021

NOTE 10 – DEBT AND CREDIT FACILITIES

Revolving Line of Credit

On January 15, 2021, the Company entered into a loan agreement (the “Loan Agreement”) with Cadence providing for a $2.5 million revolving line of credit. Pursuant to the terms of the Loan Agreement, the revolving line of credit was set to mature on January 13, 2023, and was secured by substantially all of the Company’s assets.

On February 11, 2021, the Company made an $800,000 draw on the revolving line of credit. On February 19, 2021, the Company paid down the entire balance of the revolving line of credit. As of December 31, 2021, there were no outstanding amounts owed by the Company under the Loan Agreement. Effective March 25, 2022, the Company terminated the Loan Agreement and released Cadence from any obligation to make advances under the Loan Agreement. No amounts of principal, interest or other fees and expenses were owed by the Company as of the termination date.

Promissory Note – Paycheck Protection Program

On April 22, 2020, the Company executed an unsecured promissory note (the “PPP Loan”) to Cadence pursuant to the Paycheck Protection Program (the “PPP”) under Division A, Title I of the federal Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The Company used the PPP Loan proceeds for covered payroll costs and other costs in accordance with the relevant terms and conditions of the CARES Act.

The PPP Loan was in the principal amount of $583,000 and bore interest at a fixed rate of 1.00% per annum. Under the terms of the PPP and the CARES Act, the Company applied for forgiveness of the full amount due on the PPP Loan. In November 2020, full amount of the PPP Loan, including accrued interest, was forgiven and reported under Other income in the consolidated statements of operations.