Note 7 - Accrued Expenses and Other Liabilities - Current

6 Months Ended

Jun. 30, 2026

Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]

NOTE 7 ACCRUED EXPENSES AND OTHER LIABILITIES - CURRENT

Accrued expenses and other liabilities - current at June 30, 2026 and December 31, 2025 consisted of the following:

	*June 30, 2026*		*December 31, 2025*
Payable to research and development company - current	$	1,314,205	$	1,146,845
Accrued payroll costs		1,043,058		1,501,110
Payable to Flux Photon - current (see Note 16)		725,844		1,143,412
Accrued vendor liabilities		541,528		753,221
Accrued incentive compensation		404,043		263,750
Other accrued expenses		12,080		39,961
Total accrued expenses	$	4,040,758	$	4,848,299

Payable to Magnesis (see Note 3)

As of June 30, 2026, the short-term payable to Magnesis of $1,314,205 consists of payments due under the Securities Purchase Agreement dated March 1, 2024, between the Company and Magnesis. During the six-months ended June 30, 2026 and 2025, the Company paid $0 to Magnesis. For the three-months ended June 30, 2026 and June 30, 2025, the Company recognized interest expense of $30,183 which represents the amortization of the discount that was recognized on the date of the agreement since the payable associated with the funding commitment is non-interest bearing. For the six-months ended June 30, 2026 and 2025, the Company recognized interest expense of $60,035.

Accrued Incentive Compensation

On June 15, 2026, the Compensation Committee of the Board of Directors of the Company approved a performance objective-based, cash incentive compensation plan for employees of the Company. For the three and six-months ended June 30, 2026, the Company recognized $404,043 for the accrued short-term performance objective-based incentive compensation in the condensed consolidated financial statements. The short-term performance objective-based incentive compensation is expected to be paid in the first quarter of 2027.