Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

v3.21.2
Related Party Transactions
 9 Months Ended
Sep. 30, 2021
Related Party Transactions [Abstract]  
Related Party Transactions
Note 15. Related Party Transactions
During 2012, the Company signed a $175 promissory note (the “Related Party Note”) with an officer of the Company, bearing interest equal to the greater of (a) 0.88% per annum or (b) the
mid-term
Applicable Federal Rate under Section 1274(d) of the Internal Revenue Code in effect during the time the note is outstanding. The average interest rates for the nine months ended September 30, 2021 and 2020 were 0.84% and 0.90%, respectively. On May 12, 2020, the Related Party Note was amended to extend the maturity date such that the remainder of the principal and accrued interest be due and payable on August 10, 2021. The Related Party Note was secured by the assets of the borrower. Immediately prior to the completion of the Business Combination, the Company entered into a stock repurchase agreement with the holder of the Related Party Note to which the Company repurchased 19,226 shares of
C
ommon
S
tock held by the holder in exchange for settlement of the Related Party Note.