Note 5 - Debt
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Debt Disclosure [Text Block]
5.
Debt
 
GRA Note
– On
February 28, 2018,
we entered into a Senior Note Purchase Agreement with Georgia Research Alliance, Inc. (GRA) pursuant to which we issued a
five
-year Senior Promissory Note (the “GRA Note”) to GRA in exchange for
$50,000.
The GRA Note bore an annual interest rate of
5%.
During
May 2021,
we repaid the remaining principal balance of
$22,737
and retired the GRA Note.
 
CARES Act Paycheck Protection Program Loan
–
On
April 17, 2020,
we received a
$170,200
bank loan backed by the United States Small Business Administration (SBA) pursuant to the Paycheck Protection Program (PPP) provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The loan bore an annual interest rate of
one
percent. During
May 2021,
upon receiving payment from the SBA, the lender forgave the full principal balance of
$170,200
together with
$1,856
of accrued interest, and we recorded a
$172,056
gain on debt extinguishment.
 
Convertible Debentures
– On
June 26 2020,
we issued convertible debentures in the aggregate principal amount of
$1,200,000
and warrants to purchase an aggregate of
120,000
shares of our common stock for gross proceeds of
$1,050,000.
As discussed in Note
7,
in
September 2020,
the convertible debentures and accrued interest were fully converted into our equity securities and were retired.
 
Interest expense recorded for the years ended
December 31, 2021
and
2019
was as follows:
   
2021
    
2020
  
GRA Note
   $
633
     $
1,727
  
PPP Loan
    
653
      
1,203
  
Insurance premium financing costs
    
-
      
1,743
  
Convertible debentures (including $124,185 of debt discount amortization)
    
-
      
138,851
  
Total interest expense
   $
1,286
     $
143,524