v3.25.2
Note 8 - Convertible Notes Payable
9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Debt Disclosure, Related Party [Text Block]

8.

Convertible Notes Payable

 

On November 20, 2015, five trustees on our board of trustees, one of whom is no longer affiliated with the Company, loaned $198 thousand to the Company in exchange for convertible notes payable. The convertible notes payable accrue interest at 10% per annum and originally matured on November 20, 2018. The convertible notes payable can be converted by the noteholders into common shares at the rate of $1.331 per common share at any time. At maturity or when the Company chooses to call the convertible notes payable, the noteholders have the option to receive cash plus accrued interest or convert the convertible notes payable into common shares at $1.331 per common share. Accrued interest on these related convertible notes was approximately $128 thousand as of September 30, 2022 and $121 thousand as of December 31, 2021.