Note 4 - Debt Obligations

6 Months Ended

Jun. 30, 2025

Notes to Financial Statements

Debt Disclosure [Text Block]

Note 4. Debt Obligations

The following table summarizes our debt obligations outstanding as of June 30, 2025 and December 31, 2024 (in thousands). The table does not include debt obligations of our partially owned subsidiary Clyra Medical (see Note 8, “Debt Obligations of Clyra Medical”).

	June 30, 2025		December 31, 2024
Current portion of debt:
SBA Paycheck Protection Program loan	$	43	$	43
Vehicle loan, current portion		13		13
Term loan, current portion		17		—
SBA EIDL Loan, current portion		10		10
Total current portion of debt	$	83	$	66
Long-term debt:
Vehicle loan, matures March 2029	$	36	$	41
Term loan, matures April 2028		32		—
SBA EIDL Loan, matures July 2053		131		134
Total long-term debt, net of current	$	199	$	175
Total	$	282	$	241

For the three and six months ended June 30, 2025, we recorded $80,000 and $145,000 of interest expense related to the coupon interest from our debt obligations, net of $36,000 and $53,000 of interest income earned from cash balances.

For the three and six months ended  June 30, 2024, we recorded $2,000 and $14,000 of interest expense related to the coupon interest from our debt obligations, net of $4,000 and $6,000 of interest income earned from cash balances.

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 June 30, 2025, and December 31, 2024, the balance of this loan totals $49,000 and $54,000.

Term Loan

On  April 5, 2025, we entered a term loan agreement with American Express for working capital in the principal amount of $50,000, at 7.98% annual interest, and which matures April 10, 2028.  The term loan agreement requires monthly payments totaling $2,000. As of June 30, 2025, the balance of this loan totals $49,000.

SBA Program Loans

On  February 7, 2022, we received notice that the SBA had forgiven $174,000 of the ONM Environmental $217,000 PPP loan. As of June 30, 2025, and December 31, 2024, the outstanding balance on this loan totaled $43,000. 

In July 2020, ONM Environmental received an Economic Injury Disaster Loan (EIDL) 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 June 30, 2025, and December 31, 2024, the balance of this loan totaled $141,000 and $144,000, respectively.