v3.26.3
Note 3 - Convertible Notes Payable
3 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Debt Disclosure, Related Party [Text Block]

3.

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 accrued interest at 10% per annum and originally matured on November 20, 2018. The convertible notes payable were convertible by the noteholders into common shares at the rate of $1.331 per common share at any time. Accrued interest on these related convertible notes was approximately $185 thousand as of March 31, 2025 and $179 thousand as of December 31, 2024. In January 2026, we repaid the convertible notes including only interest accrued prior to the filing of the bankruptcy petition pursuant to our plan of liquidation and bankruptcy court proceedings.