Note 7 – Short-Term Insurance Financing

In May 2026, 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 2026 through May 2027. The agreement provides for financing of approximately $230,000 of the premium, which financing will be repaid in 10 equal monthly installments of approximately $24,000 each through March 2027 and accrues interest at 10.5%.

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 provided 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.

Interest expense on short term insurance financing was $2,014 and $3,009 for the three and six months ended June 30, 2026, respectively, and $1,623 and $4,861 for the three and six months ended June 30, 2025, respectively.