Note 7 – Short-Term Insurance Financing

In May 2025, the Company entered into an agreement to finance a portion of the premium for its directors and officers insurance policy for the policy period of May 2025 through May 2026. The agreement provides for financing of approximately $284,000 of the premium, which financing will be repaid in 10 equal monthly installments of approximately $29,000 each through March 2026 and accrued interest at 6.85%. The loan was paid in full as of March 31, 2026.

In May 2024, the Company entered into an agreement to finance a portion of the premium for its directors and officers insurance policy for the policy period of May 2024 through May 2025. The agreement provided for financing of approximately $301,000 of the premium, which financing would be repaid in 10 equal monthly installments of approximately $31,000 each through March 2025 and accrued interest at 7.75%. The loan was paid in full as of March 31, 2025.

Interest expense on short term insurance financing was $995 and $3,238 for the three months ended March 31, 2026 and 2025, respectively.