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Notes Payable
 3 Months Ended
Mar. 31, 2021
Payables and Accruals [Abstract]  
Notes Payable Notes Payable
    The notes payable balance consists of the following:
Total notes payable, net at December 31, 2020$4,074,863 
Accretion of discount75,705 
PPP loan forgiveness(754,000)
Total notes payable, net at March 31, 2021$3,396,568 


Senior Secured Debt

    The $4 million senior secured debt bears interest at prime plus 0.75% and matures on June 30, 2021. As of March 31, 2021, the Company was in compliance with the financial covenants contained in the Amended and Restated Term Loan Credit Agreement.
Loan under the Paycheck Protection Program
On April 28, 2020, the Company entered into a loan with Peapack-Gladstone Bank in an aggregate principal amount of $754,000, pursuant to the Paycheck Protection Program (the "PPP") under the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act").
The PPP Loan is evidenced by a promissory note dated April 28, 2020. The PPP Loan matures two years from the disbursement date and bears interest at a rate of 1.000% per annum, with the first six months of interest deferred. Principal and interest are payable monthly commencing six months after the disbursement date and may be prepaid by the Company at any time prior to maturity with no prepayment penalties.
Under the terms of the CARES Act, PPP loan recipients can apply for and be granted forgiveness for all or a portion of loans granted under the PPP. The PPP Loan is subject to forgiveness to the extent proceeds are used for payroll costs, including payments required to continue group health care benefits, and certain rent, utility, and mortgage interest expenses (collectively, “Qualifying Expenses”), pursuant to the terms and limitations of the PPP. The Company has used a significant majority of the Loan amount for Qualifying Expenses.

    The PPP Loan was forgiven on March 30, 2021.