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Note 7 - Notes Payable
 3 Months Ended
Mar. 31, 2021
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%.
Future principal repayments are expected to be
$9,423
for the remainder of
2021,
$13,126
in
2022,
and
$2,252
in
2023.
Interest expense related to the GRA Note for the
three
-month periods ended
March 31, 2021
and
2020
was
$336
and
$485,
respectively.
 
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.
We have accrued interest payable associated with the PPP Loan of
$1,623.
In
October 2020,
we applied to the lender to have the loan forgiven, based upon our submission of qualifying information regarding eligible expenses; as of the date of this report our forgiveness application has
not
been processed. Interest expense related to the PPP Loan for the
three
-month periods ended
March 31, 2021
and
2020
was
$420
and $-
0
-, respectively.