Debt and Credit Facilities	6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]
Debt and Credit Facilities	*8. Debt and Credit Facilities* The Company had a working capital line of credit with its primary lender, Silicon Valley Bank that matured on June 30, 2020. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted on March 27, 2020 in the United States. Among the provisions contained in the CARES Act is the creation of the Paycheck Protection Program that provides for Small Business Administration (“SBA”) Section 7(a) loans for qualified small businesses. The loan can be forgiven as long as the funds are used for payroll related expenses as well as rent and utilities paid during the twenty four week period from the date of the loan along with maintaining certain headcount levels. On April 10, 2020, the Company was informed by its lender, Midwest BankCentre (the “Bank”), that the Bank received approval from the SBA to fund the Company’s request for a loan under the SBA’s Paycheck Protection Program (“PPP Loan”). Per the terms of the PPP Loan, the Company received total proceeds of $2,158,310 from the Bank on April 20, 2020. In accordance with the loan forgiveness requirements of the CARES Act, the Company intends to use the proceeds from the PPP Loan primarily for payroll costs, rent and utilities. The Company anticipates that the loan will be substantially forgiven. To the extent it is not forgiven, the Company would be required to repay that portion at an interest rate of 1% per annum, beginning November 2020 with a final installment in April 2022. In accordance with general accounting principles for fair value measurement, the Company’s debt was measured at fair value (Level 2) as of June 30, 2020. As of June 30, 2020 the fair value of the debt approximated the carrying value of the debt.

Debt and Credit Facilities

6 Months Ended

Jun. 30, 2020

8. Debt and Credit Facilities

The Company had a working capital line of credit with its primary lender, Silicon Valley Bank that matured on June 30, 2020.

The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted on March 27, 2020 in the United States. Among the provisions contained in the CARES Act is the creation of the Paycheck Protection Program that provides for Small Business Administration (“SBA”) Section 7(a) loans for qualified small businesses. The loan can be forgiven as long as the funds are used for payroll related expenses as well as rent and utilities paid during the twenty four week period from the date of the loan along with maintaining certain headcount levels. On April 10, 2020, the Company was informed by its lender, Midwest BankCentre (the “Bank”), that the Bank received approval from the SBA to fund the Company’s request for a loan under the SBA’s Paycheck Protection Program (“PPP Loan”). Per the terms of the PPP Loan, the Company received total proceeds of $2,158,310 from the Bank on April 20, 2020. In accordance with the loan forgiveness requirements of the CARES Act, the Company intends to use the proceeds from the PPP Loan primarily for payroll costs, rent and utilities. The Company anticipates that the loan will be substantially forgiven. To the extent it is not forgiven, the Company would be required to repay that portion at an interest rate of 1% per annum, beginning November 2020 with a final installment in April 2022.

In accordance with general accounting principles for fair value measurement, the Company’s debt was measured at fair value (Level 2) as of June 30, 2020. As of June 30, 2020 the fair value of the debt approximated the carrying value of the debt.