Payroll Protection Program

9 Months Ended

Sep. 30, 2020

Debt Default Longterm Debt [Abstract]

Payroll Protection Program

O. Payroll Protection Program

On April 15, 2020, PTI, MtronPTI, and Precise Time and Frequency LLC (“PTF”), all 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 pursuant to the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act. On May 14, 2020, the Company returned all amounts pursuant to such loans and such loans were thereby terminated.