Note 10 - Debt Financing

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Debt Disclosure [Text Block]

10.

     Debt Financing

On

April 17, 2020,

the Company received

$1,556

in loan proceeds from the Paycheck Protection Program (the “PPP”), established pursuant to the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and administered by the U.S. Small Business Administration (“SBA”). The unsecured loan is evidenced by a promissory note of the Company dated

April 15, 2020 (

the “Note”) in the principal amount of

$1,556,

issued to BMO Harris Bank N.A. (the “Bank”), the lender. 

On

January 8, 2021,

the Company received full forgiveness from the SBA for the entire balance of loan proceeds used to fund its qualified payroll expenses. The Company accounts for the PPP Loan as debt in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC)

470,

Debt and accrues interest in accordance with the interest method under FASB ASC

835

-

30.

  When the loan was forgiven, the Company reduced the non-current liability by the amount forgiven and recorded other income in the consolidated statement of operations.