Investments, Debt and Equity Securities (Notes) |
12 Months Ended |
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Mar. 31, 2021 | |
| Investments, Debt and Equity Securities [Abstract] | |
| Debt Disclosure | Long-term Debt and Notes Payable to Banks PPP Loan
On April 14, 2020, the Company obtained an unsecured first draw Paycheck Protection Program (“PPP”) loan through JPMorgan Chase Bank, N.A. (“JPM”) in the amount of $1.6 million (the “PPP Loan”). The PPP Loan was made through the United States Small Business Administration (the “SBA”) as part of the PPP under the 2020 Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). On March 16, 2021, the SBA and JPM provided forgiveness for the full amount of the PPP Loan, plus all related accrued interest. The gain associated with the forgiveness is presented on the Statements of Operations as Gain on forgiveness of first draw PPP loan.
PPP2 Loan On March 22, 2021, the Company received funds pursuant to an unsecured second draw PPP loan through St. Charles Bank & Trust Company, N.A. (“Wintrust”) in the amount of $1.6 million (the “PPP2 Loan”). The PPP2 Loan is presented on the Consolidated Balance Sheets as Note Payable - non-current. The PPP2 Loan was made through the SBA pursuant to the Consolidated Appropriations Act, 2021 (the “CAA”) that was signed into law in December 2020. The PPP2 Loan has a five-year term, bears interest at a rate of 1.0% per annum, and may be prepaid at any time without incurring any prepayment charges. All or a portion of this loan may be forgiven if certain requirements are met. The Company intends to adhere to the requirement and apply for loan forgiveness, but no assurance can be given that the Company will obtain forgiveness of the PPP2 Loan, in whole or in part.
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