XML 22 R13.htm IDEA: XBRL DOCUMENT v3.23.3
Note 6 - Loans Payable
9 Months Ended
Sep. 30, 2023
Notes to Financial Statements  
Short-Term Debt [Text Block]

Note 6 – Loans Payable

 

In June 2023, we entered into an insurance premium financing and security agreement with IPFS Corporation. Under the agreement, we financed $0.8 million of certain premiums at a 7.24% fixed annual interest rate. Payments of approximately $77,000 are due monthly from July 2023 through April 2024. As of September 30, 2023, the outstanding principal of the loan was $0.5 million.

 

In June 2022, we entered into an insurance premium financing and security agreement with Bank Direct. Under the agreement, we financed $1.1 million of certain premiums at a 3.90% fixed annual interest rate. Payments of approximately $126,000 were due monthly from July 2022 through March 2023. As of December 31, 2022, the outstanding principal of the loan was $0.3 million. The balance of the loan was repaid during the first quarter of 2023.