Note 5 - Notes Payable

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Debt Disclosure [Text Block]

5.

         

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, with principal repayments beginning in the

second

year. Future principal repayments are expected to be

$12,487

in

2021,

$13,126

in2022,

and

$2,252

in

2023.

Interest expense related to the GRA Note was

$1,727

and

$2,097

for the years ended

December 31, 2020

and

2019,

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 expense associated with the PPP Loan of

$1,203.

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.