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Subsequent Events
3 Months Ended
Mar. 31, 2020
Subsequent Events [Abstract]  
Subsequent Events

14. Subsequent Events

 

The Company evaluates subsequent events occurring between the most recent balance sheet date and the date that the financial statements are available to be issued in order to determine whether the subsequent events are to be recorded and/or disclosed in the Company’s financial statements and footnotes. The financial statements are considered to be available to be issued at the time that they are filed with the SEC.  Other than the events described below, there were no subsequent events or transactions that required recognition or disclosure in the unaudited interim condensed consolidated financial statements.

 

Based on the uncertainty surrounding the COVID-19 pandemic and its impact on economic and market conditions, on April 1, 2020 the Company’s Board of Directors terminated its share repurchase program.  In connection with the termination of the share repurchase program, the Company also terminated a plan pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, that was in place to facilitate market repurchases.

 

On April 16, 2020, the Company received a $3.5 million paycheck protection program (“PPP”) loan from the Small Business Administration (“SBA”).  Based upon subsequent guidance regarding PPP loan eligibility, the Company returned the funds on April 30, 2020.

   

Subsequent to March 31, 2020, the global economy has continued to be severely impacted by the COVID-19 pandemic.  The Company is actively monitoring the impact, which may negatively impact its business and results of operations for the second fiscal quarter and likely beyond.  The extent to which the COVID-19 pandemic will impact the operations will depend largely on future developments, which are highly uncertain and cannot be accurately predicted, including new information that may emerge concerning the severity and duration of the COVID-19 pandemic and actions by government authorities to contain the COVID-19 pandemic or treat its impact, among other factors.  See Management's Discussion and Analysis of Financial Condition and Results of Operations and Risk Factors for further discussion of the potential impact of the COVID-19 pandemic on the business.