Paycheck Protection Program (“PPP”) Loan

On April 20, 2020 we were granted a PPP loan in the amount of $450,000. During 2021 we applied for forgiveness of the full amount of the loan including interest and on October 13, 2021 our application for forgiveness was approved. The loan forgiveness is included in the ‘Other income (expense)’ section of the consolidated statements of operations and comprehensive (loss) income as ‘Gain on forgiveness of note payable’.

The following table sets forth notes payable balances as of December 31, 2021 and 2020:

Summit Community Bank Loan

On April 16, 2021, we entered into a $1 million term loan agreement with Summit Community Bank. The term of the loan was two years with monthly installments comprising a fixed principal amount plus interest accruing at a fixed rate of 4.89%. The loan was collateralized by a security interest in substantially all the assets of the Company. On December 30, 2021, we fully repaid the outstanding balance of the loan.