Note 7 - PPP Loan

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Debt Disclosure [Text Block]

7.         PPP Loan

On May 7, 2020, prior to the Company’s acquisitionof Omega, Omega entered into a loan agreement with Wells Fargo, N.A. in the aggregate amount of $544,842 (the “PPP Loan”), pursuant to the PPP under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The PPP Loan was necessary to support ongoing operations due to the economic uncertainty resulting from the COVID-19 pandemic and lack of access to alternative sources of liquidity.

The PPP Loan was scheduled to mature five years from the date on which Omega applied for loan forgiveness under the CARES Act, bore interest at a rate of 1% per annum and was subject to the terms and conditions applicable to loans administered by the SBA under the CARES Act. The PPP provided that the use of the PPP Loan amount shall be limited to certain qualifying expenses and may be partially or wholly forgiven in accordance with the requirements set forth in the CARES Act. Omega used all of the PPP Loan proceeds toward qualifying expenses.

On September 16, 2021, Omega received notice from the SBA that the full amount of the PPP Loan was forgiven.  The forgiveness of the PPP Loan is included as gain on extinguishment of debt on the Consolidated Statements of Operations.