PPP loan payable

3 Months Ended

Mar. 31, 2025

Ppp Loan Payable

PPP loan payable

5. PPP loan payable

In June 2020, the Company was granted a loan (the “PPP loan”) from Cadence Bank in the aggregate amount of $151,000, pursuant to the Paycheck Protection Program (the “PPP”) under the CARES Act.

At December 31, 2024, the balance of the PPP loan was $24,000. During the three-month period ended March 31, 2025, the Company paid $10,000 of principal on the PPP loan, and at March 31, 2025, the balance of the PPP loan was $14,000. The terms of the PPP loan provide for customary events of default including, among other things, payment defaults, breach of representations and warranties, and insolvency events. The Company was in compliance with the terms of the PPP loan as of March 31, 2025.