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Note 8 - Long-term Debt

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Long-Term Debt [Text Block]

NOTE 8 – LONG-TERM DEBT

The components of notes payable are as follows:

		*September 30,*				*December 31,*
		*2024*				*2023*
Senior Promissory Notes		$	6,000,000			$	6,000,000
Less: unamortized debt discount			(858,370	)			(1,311,989	)
Senior Promissory Notes payable		$	5,141,630			$	4,688,011

Current portion of Senior Promissory Notes payable			-				-
Senior Promissory Notes payable, less current portion			5,141,630				4,688,011
Senior Promissory Notes payable		$	5,141,630			$	4,688,011

For the three months ended September 30, 2024 and 2023, the Company recognized interest expense of $0 and $0, respectively, and $156,988 and $86,447, respectively, on the Senior Promissory Notes related to the amortization of debt issuance costs.

For the nine months ended September 30, 2024 and 2023, the Company recognized interest expense of $0 and $0, respectively, and $453,619 and $257,765, respectively, on the Senior Promissory Notes related to the amortization of debt issuance costs.