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Note 13 - Related Party Transactions
 12 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]
13.
  
Related Party Transactions
 
John H. Schwan, Chairman of the Board until
June 2020,
is the brother of Gary Schwan,
one
of the owners of Schwan Incorporated, which provides building maintenance services to the Company. The Company made payments to Schwan Incorporated of approximately
$13,000
and
$16,000
during the years ended
December 31, 2020
and
2019,
respectively. Ms. Jana M. Schwan is the Company's Chief Operating Officer and daughter of Mr. John H. Schwan.
 
As of
January 1, 2019,
the Company had a note payable to John H. Schwan, Director and former Chairman of the Board, for
$1.6
million, including accrued interest. This loan accrues interest at
6%,
is due on demand, and is subordinate to the PNC Agreements. During
January 2019,
Mr. Schwan converted
$600,000
of the note into approximately
181,000
shares of our common stock at the then market rate of
$3.32
per share. As a result of the conversion
$600,000
the loan balance amounted to
$997,019
and Company and Mr. Schwan agreed to increase the interest rate to
6%.
The loan and interest payable to Mr. Schwan amounted to
$1,058,486
and
$1,123,769
as of
December 31, 2019
and
2020,
respectively.
No
payments were made to Mr. Schwan during
2019
or
2020,
with
$65,000
and
$61,000,
respectively, of interest recorded as an expense during
2020
and
2019.
 
Items identified as Notes Payable Affiliates in the Company's Consolidated Balance Sheet as of
December 31, 2020
and
2019
include loans by shareholders to Flexo Universal totaling
$nil
and
$14,000,
respectively.
 
On
July 1, 2019,
the Company deconsolidated Clever, and as result the Company has a note receivable of
$1.3
million. One of owners of Clever is John Schwan. The Company has recorded a
$1,277,000
reserve of the receivable during fiscal year
2020.