Subsequent Events

3 Months Ended

Mar. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

P. Subsequent Events

PPP Loans - As previously disclosed, on April 15, 2020, PTI, MTron, and PTF (collectively, the “Borrowers”), operating subsidiaries of the Company, entered into loans with City National Bank of Florida, a national banking association, as the lender, in an aggregate principal amount of $1,907,500 (the “Loans”) under the Small Business Administration (the “SBA”) Paycheck Protection Program (the “PPP”) of the Coronavirus Aid, Relief and Economic Security Act of 2020 (the “CARES Act”). Borrowers planned to use the proceeds from the Loan for covered payroll costs, rent and utilities in accordance with the relevant terms and conditions of the CARES Act. On May 14, 2020, Borrowers initiated repayment of the full amount of the Loans to City National Bank of Florida.

Line of Credit – On May 12, 2020, Mtron (the Borrower”), operating subsidiary of the Company,entered into a revolving line of credit “Line of Credit”) for up to $3,500,000, secured by certain tangible and intangible property of the Borrower. The Line of Credit carries an interest rate of 30-Day LIBOR plus 2.50%, with a floor of 0.50% and matures on May12, 2022.