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Subsequent Event
3 Months Ended
Mar. 29, 2020
Subsequent Events [Abstract]  
Subsequent Event

Note 18 — Subsequent Event

On May 6, the Company entered into a loan agreement with Heritage Bank (the “Loan”) for a loan of $1,191,687.77 pursuant to the PPP under the CARES Act, as implemented by the U.S. Small Business Administration.

The Loan is evidenced by a promissory note (the “Note”) dated May 6, 2020, and matures two years from the disbursement date. The Note bears interest at a rate of 1.00% per annum, with the first six months of interest deferred. Principal and interest are payable monthly commencing six months after the disbursement date and may be prepaid by the Company at any time prior to maturity with no prepayment penalties. The Note contains customary events of default relating to, among other things, payment defaults or breaches of the terms of the Note. Upon the occurrence of an event of default, the lender may require immediate repayment of all amounts outstanding under the Note.

The principal and interest of the Loan are repayable in 18 monthly equal installments of $67,065.21 each. Interest accrued in the first six months is included in the monthly installments. Installments must be paid by the fifth calendar day.