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Note 7 - Related Party Transactions
 3 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]
Note
7
– Related Party Transactions
 
We have
$945,000
principal outstanding at
March 31, 2020
in promissory notes payable to MHW, net of remaining discount of
$48,000.
Per the terms of the notes, we paid interest of approximately $
33,000
and
$31,000
during the
three
-month periods ended
March 31, 2020
and
2019,
respectively. We have
$650,000
principal outstanding at
March 31, 2020
in promissory notes payable to MHW Partners, net of remaining discount of
$50,000.
Per the terms of the notes, we paid interest of
$23,000
and
$21,000
during the
three
-month periods ended
March 31, 2020
and
2019,
respectively. Peter H. Woodward, the Chairman of our Board of Directors, is a principal of MHW Capital Management, LLC which is the investment manager of MHW and MHW Partners. MHW Capital Management LLC is entitled to a performance-related fee tied to appreciation in the valuation of the common stock in excess of the applicable strike price under the warrant issued to MHW.