Note 4 - Debt Obligations

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Debt Disclosure [Text Block]

Note 4.   Debt Obligations

The following table summarizes our debt obligations outstanding as of September 30, 2022, and December 31, 2021 (in thousands). The table does not include debt obligations of our partially owned subsidiary Clyra Medical (see Note 8, “Debt Obligations of Clyra Medical”).

	September 30, 2022 (Unaudited)			December 31, 2021
Current portion of debt:
SBA Paycheck Protection Program loans, mature April 2025	$	43		$	314
Convertible note payable, matures March 1, 2023		50			—
Debt discount, net of amortization		(7	)		—
Total current portion of debt	$	86		$	314
Long-term debt:
SBA EIDL Loan	$	150		$	150
SBA Paycheck Protection Program loans, mature May 2025		97			—
Convertible note payable, matures March 1, 2023		—			50
Debt discount, net of amortization		—			(20	)
Total long-term debt		247			180
Total	$	333		$	494

For the three and nine months ended September 30, 2022, we recorded $14,000 and $42,000, and for the three and nine months ended September 30, 2021, we recorded $42,000 and $208,000, of interest expense related to the amortization of discounts on convertible notes payable, and coupon interest from our note payable, convertible notes and line of credit.

The following discussion includes debt instruments to which amendments were made or included other activity that management deemed appropriate to disclose during the nine months ended September 30, 2022 and 2021. Each of the debt instruments contained in the above table are disclosed more fully in the financial statements contained in the Company’s Form 10-K filed March 31, 2022.

SBA Program Loans

In  April 2020, our subsidiaries ONM Environmental, BLEST and Clyra Medical received $218,000, $96,000 and $43,000, respectively, in loans pursuant to the Small Business Association’s (“SBA”) Paycheck Protection Program (“PPP”). The loans mature two years from the inception date (although any payments due are deferred once a forgiveness application has been filed), and incur interest at 1%. Management believes that it has fully complied with the terms of forgiveness as set forth by the SBA, and each subsidiary has filed forgiveness applications.  On  February 7, 2022, we received notice that the SBA had partially approved ONM Environmental's application for forgiveness of its PPP loan in the amount of $174,000; ONM has appealed and provided additional documentation to support forgiveness of the remaining $43,000. The forgiveness application of BLEST remains pending. On  March 19, 2021, we received notice that the SBA had approved the application for forgiveness Clyra’s PPP loan.