XML 50 R16.htm IDEA: XBRL DOCUMENT v3.20.1
Note 9. Subsequent Events
3 Months Ended
Mar. 31, 2020
Subsequent Events [Abstract]  
Subsequent Events

On January 30, 2020, the World Health Organization declared the coronavirus outbreak a "Public Health Emergency of International Concern" and on March 11, 2020, declared it to be a pandemic. Actions taken around the world to help mitigate the spread of the coronavirus include restrictions on travel, and quarantines in certain areas, and forced closures for certain types of public places and businesses. The coronavirus and actions taken to mitigate it have had and are expected to continue to have an adverse impact on the economies and financial markets of many countries, including the geographical areas in which we operate. Our offices have been ordered temporarily closed for the safety of our employees, their families and our community. While it is unknown how long these conditions will last and what the complete financial effect will be to the Company, we could experience a material disruption of our employees and operations, a decline in revenue, a decline in value of our assets, deterioration of our customer base and the inability of our customers to pay for subscriptions or services provided. We have performed a qualitative and quantitative review of our goodwill and intangible assets as of March 31, 2020 and have determined that there has been no impairment as a result of the impact of coronavirus or other factors, however, due to the uncertainty surrounding the pandemic, we will re-evaluate its impact on goodwill and intangible assets at the end of the second quarter of 2020.

 

On April 16, 2020, we entered into a $1,025,000 loan under the Small Business Administration’s (“SBA”) Paycheck Protection Program ("the PPP"). The loan proceeds were intended to be used for payroll, rent and utilities over the eight- week period following the date of the loan. At the time we applied for the PPP loan, we believed in good faith that the Company met all of the certification requirements for a PPP loan. However, on April 23, 2020, the SBA issued additional guidance with respect to PPP loans. We immediately evaluated this new guidance and concluded that currently we may not be able to meet all of the certification requirements. As such, the Company immediately decided to return all of the funds received under the PPP loan (including interest accrued on such funds) to the SBA as soon as possible and the funds were returned on April 28, 2020.