Subsequent Events

3 Months Ended

Mar. 31, 2020

Subsequent Events - COVID-19 [Abstract]

Subsequent Events - COVID-19

17. Subsequent Events

On July 14, 2020, a mediation session occurred between our legal counsel, Absolute Consulting's management and the plaintiffs in the Joyce v. Absolute Consulting Inc. matter (see Note 16). As a result, the parties have entered into non-binding memorandum of understanding (‘MOU’), which if memorialized in a final settlement agreement that receives court approval, would result in an estimated gross settlement between $861 thousand and $1.5 million. If the case is not settled, then the parties would remain in their pre-MOU positions. We are unable to conclude that the likelihood of an unfavorable outcome in this matter is remote or probable.

CARES Act

On April 24, 2020, we received funds under the Paycheck Protection Program, a part of the CARES Act. The loan is serviced by Citizen’s Bank, and the application for these funds required us to, in good faith, certify that the current economic uncertainty made the loan necessary to support our ongoing operations. We plan to use the funds for payroll and related costs, rent, utilities and other debt obligations incurred before February 15, 2020. The receipt of these funds, and the forgiveness of the loan attendant to these funds, is dependent on our ability to adhere to the forgiveness criteria. The loan bears interest at a rate of 0.98% per annum and matures on April 24, 2022, with the first payment deferred until November 2020. Under the terms of the PPP, certain amounts may be forgiven if they are used in accordance with the CARES Act. The Company believes that the full amount of the $10.0 million Paycheck Protection Program loan will be forgiven.