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Note 7 - Notes Payable
 6 Months Ended
Jun. 30, 2020
Notes to Financial Statements  
Debt Disclosure [Text Block]
7.
           Notes Payable
 
GRA Note
 
On
February 28, 2018,
we entered into a Senior Note Purchase Agreement with Georgia Research Alliance, Inc. (GRA) pursuant to which we issued a
five
-year Senior Promissory Note (the “GRA Note”) to GRA in exchange for
$50,000.
The GRA Note bears an annual interest rate of
5%,
payable monthly. Future principal repayments are expected to be
$6,013
for the remainder of
2020.
 
$12,487
in
2021,
$13,126
in
2022,
and
$2,252
in
2023.
Interest expense related to the GRA Note for the
three
-month and
six
-month periods ended
June 30, 2020
was
$448
and
$933,
respectively, as compared to
$586
and
$1,207,
respectively, for the same periods of
2019.
 
CARES Act Paycheck Protection Program Loan
 
On
April 17, 2020,
we received a
$170,200
bank loan backed by the United States Small Business Administration pursuant to the Paycheck Protection Program (PPP) provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The loan bears an annual interest rate of
one
percent and is due
April 17, 2022.
No
payments of principal or interest will be due until
180
days after the disbursement date. Commencing
November 17, 2020,
monthly payments of
$9,578.16
will be due. Amounts due
may
be prepaid without penalty. We intend to apply to the lender to have the principal amount reduced, or possibly totally forgiven, upon providing qualifying information regarding eligible expenses. We recorded accrued interest expense associated with the PPP Loan of
$345
for the
three
-month period ended
June 30, 2020.