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Subsequent Events.
12 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events.

 

15. Subsequent Events.

 

On January 11, 2023, the Company amended the promissory notes issued pursuant to the unsecured loan agreement with Streeterville Capital, LLC whereby the noteholder agreed to waive their redemption rights through March 31, 2023, in exchange for a fee equal to 3.75% of the outstanding principal balance which was added to the outstanding indebtedness.

 

On February 23, 2023, the Company entered into a note purchase agreement with Streeterville Capital, LLC (“Streeterville”), pursuant to which, among other things, Streeterville purchased from the Company a promissory note (the “Note”) in the aggregate principal amount of $1.4 million plus certain reimbursed expenses in exchange for $1.3 million to the Company. Under the Note, the Company shall make principal payments to Streeterville in the amount of $50 thousand per week each week prior to its maturity on March 31, 2023. No interest accrues on the balance of the Note prior to its maturity. In connection with the issuance of the Note, the Company and Streeterville also entered into a security agreement, which provides, according to its term, a security interest in all employee retention credits or other funds still owed or otherwise payable to the Company under the Cares Act. The Company received payment for the ERC owed to Intrusion on March 13, 2023, and on March 14, 2023, the Company repaid in full and in advance of the maturity date the secured promissory note with Streeterville.