Note 4 - Debt Obligations

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Debt Disclosure [Text Block]

Note 4. Debt Obligations

The following table summarizes our debt obligations outstanding as of March 31, 2024, and December 31, 2023 (in thousands). The table does not include debt obligations of our partially owned subsidiary Clyra Medical (see Note 8, “Debt Obligations of Clyra Medical”).

	March 31, 2024		December 31, 2023
Current portion of debt:
SBA Paycheck Protection Program loan	$	43	$	43
Vehicle loan, current portion		13		13
SBA EIDL Loan, matures July 2053, current portion		10		10
Total current portion of debt	$	66	$	66
Long-term debt:
SBA Paycheck Protection Program loans, matures May 2025	$	97	$	97
Vehicle loan, matures March 2029		51		55
SBA EIDL Loan, matures July 2053		136		137
Total long-term debt, net of current	$	284	$	289
Total	$	350	$	355

For the three months ended March 31, 2024, we recorded $12,000, of interest expense related to the coupon interest from our debt obligations.

For the three months ended March 31, 2023, we recorded $48,000, of interest expense related to the amortization of discounts on convertible notes payable and coupon interest from our debt obligations.

Vehicle loan

On February 7, 2023, we entered a loan agreement with Bank of America for the purchase of a commercial vehicle used in operations totaling $80,000, at 5.29% annual interest which matures March 7, 2029. The loan agreement requires monthly payments of $1,000.  As of March 31, 2024, the balance of this loan totals $64,000.

SBA Program Loans

On  February 7, 2022, we received notice that the SBA had forgiven $174,000 of the ONM Environmental $217,000 Paycheck Protection Program (PPP) loan. As of March 31, 2024, the outstanding balance on this loan totals $43,000. The partial forgiveness decision has been appealed, and during such time, loan payments are deferred.

On May 12, 2022, we received notice that the SBA had denied the forgiveness application of BLEST’s $97,000 PPP loan. We have appealed that decision. During the period upon which a forgiveness decision is on appeal, loan payments are deferred. The maturity date of the BLEST PPP loan was officially extended on our request to May 2025. 

In July 2020, ONM Environmental received an Economic Injury Disaster Loan from the SBA in the amount of $150,000. The note has a 3.75% annual interest rate, requires monthly payments of $700, and matures July 2053. As of March 31, 2024, the balance of this loan totals $146,000.