Note 8 - Long-term Debt

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Long-Term Debt [Text Block]

NOTE 8 – LONG-TERM DEBT

The components of notes payable are as follows:

	June 30, 2024			December 31, 2023
Senior Promissory Notes	$	6,000,000			6,000,000
Less: unamortized debt discount		(1,015,358	)		(1,311,989	)
Senior Promissory Notes payable	$	4,984,642		$	4,688,011
Current portion of Senior Promissory Notes payable		-			-
Senior Promissory Notes payable, less current portion		4,984,642			4,688,011
Senior Promissory Notes payable	$	4,984,642		$	4,688,011

For the three months ended June 30, 2024 and 2023, the Company recognized interest expense of $0 and $0, respectively, and $150,591 and $86,790, respectively, on the Senior Promissory Notes related to the amortization of debt issuance costs.

For the six months ended June 30, 2024 and 2023, the Company recognized interest expense of $0 and $0, respectively, and $296,631 and $171,318, respectively, on the Senior Promissory Notes related to the amortization of debt issuance costs.