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Note Payable
12 Months Ended
Dec. 31, 2020
Note Payable [Abstract]  
Note Payable
Note 9
Note Payable

On December 30, 2019, the Company closed on a $7,275 loan with a commercial bank pursuant to a one-year Fixed Rate – Term Promissory Note (the “Note”), which was renewed effective December 30, 2020 at an interest rate of 1.40% and a rate of 0.40% on the time deposit. For the year ended December 31, 2019 the Note had an interest rate of 2.79% and a rate of 1.79% on the time deposit. The Company’s obligations under the Note are secured by an Assignment and Pledge of Time Deposit (the “Agreement”), under which the Company has pledged to the commercial bank the proceeds of a time deposit account in the amount of the loan and recorded the time deposit and interest as restricted cash on the balance sheet. The principal is due on December 30, 2021 with no penalties for prepayments. In 2019, the Company fully repaid (including payment of termination and exit fees) its then existing long-term debt credit facility with Midcap Financial Trust (“MidCap”). The transaction was accounted for as a debt extinguishment. See Note 10 Long-term Debt for further discussion on the extinguishment.