In June 2020, the Company was granted a loan (the “PPP loan”) for $151,000 from Cadence Bank, pursuant to the Paycheck Protection Program (the “PPP”) under the CARES Act. The PPP loan is dated June 18, 2020, matures on June 18, 2025, bears interest at a rate of 1% per annum, with the first six months of interest deferred, and is unsecured and guaranteed by the U.S. Small Business Administration (“SBA”). The Company was in compliance with the terms of the PPP loan as of June 30, 2023. Under the terms of the PPP, certain amounts of the loan may be forgiven if they are used for qualifying expenses. During 2022, the Company received notice that a total of $63,000 of the PPP loan was forgiven. At December 31, 2022, the balance of the PPP loan was $75,000. During the six-month period ended June 30, 2023, the Company made principal payments on the PPP loan of $9,000, and at June 30, 2023, the balance of the PPP loan was $66,000.