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Note 11 - Related Party Transactions
 6 Months Ended
Jun. 30, 2023
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]

11. Related Party Transactions

 

The Company owes Eric McAfee, the Company’s Chairman and CEO, and McAfee Capital LLC (“McAfee Capital”), owned by Eric McAfee, $0.4 million in connection with employment agreements and expense reimbursements previously accrued as salaries expense and accrued liabilities. The Company previously prepaid $0.2 million to Redwood Capital, a company controlled by Eric McAfee, for the Company’s use of flight time on a corporate jet. As of June 30, 2023, $0.1 million remained as a prepaid expense.

 

On January 12, 2022, the Audit Committee of the Company approved a one-time guarantee fee of $2.0 million to McAfee Capital in connection with McAfee Capital’s extension of certain guarantees of the Company’s indebtedness with Third Eye Capital. The Company paid this fee by issuing 180,000 shares of common stock of the Company.

 

In the first quarter of 2023, the Audit Committee of the Company approved a one-time guarantee fee of $0.4 million to McAfee Capital in connection with McAfee Capital’s guarantees of the Company’s indebtedness with Third Eye Capital. As of June 30, 2023, $0.2 million has been accrued as the guarantee fee.

 

The Company owes various members of the Board amounts totaling $0.4 million and $0.3 million as of June 30, 2023 and December 31, 2022, in connection with board compensation fees, which are included in accounts payable on the balance sheet. For the three months ended June 30, 2023 and 2022, the Company expensed $0.1 million respectively, in connection with board compensation fees. For the six months ended June 30, 2023 and 2022, the Company expensed $0.2 million respectively, in connection with board compensation fees.