Subsequent Events

6 Months Ended

Jun. 30, 2021

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

20. SUBSEQUENT EVENTS

We have evaluated subsequent events through the time of filing on August 12, 2021, the date we have issued this Quarterly Report on Form 10-Q. On June 30, 2021, we executed definitive agreements covering a loan from the Maine Technology Institute (MTI) in the aggregate principal amount of $400,000, which proceeds were received in July 2021. No principal payments are due until September 2023, and the note bears no interest until July 2023, at which time principal and interest payments are due quarterly at a fixed rate of 5% per annum based on a 5.5-year amortization schedule until December 2028. The credit facility is unsecured and subordinated to our indebtedness to Gorham Savings Bank, which senior indebtedness is secured by mortgages and security interests with respect to substantially all of our assets. Failure to make timely payments of principal and interest, or otherwise to comply with the terms of the agreements with MTI, would entitle MTI to accelerate the maturity of such debt and demand repayment in full. As of the time of filing on August 12, 2021, there were no other material, reportable subsequent events.