v3.26.3
Note 8 - Notes Payable and Convertible Notes Payable (Tables)
9 Months Ended
Sep. 30, 2026
Notes Tables  
Schedule of Long-Term Debt Instruments [Table Text Block]
  

Stated

  

September 30,

  

December 31,

 

(in thousands, except interest rates)

 

Interest Rate

  

2026

  

2025

 

Notes payable:

            

Cecil County, Maryland (commenced April 2019)

  8.00% $160  $154 

Maryland DHCD (commenced February 2019)

  8.00%  804   774 

Maryland DHCD (commenced May 2022)

  6.00%  461   736 

Senior Secured Promissory Notes (commenced December 2024)

  12.00%  4,022   3,678 

Senior Secured Promissory Notes (commenced August 2025)

  12.00%  745   595 
       6,192   5,937 

Unamortized discount and debt issuance costs

      (254)  (500)

Less notes payable, current portion, net of unamortized discount and debt issuance costs

      (4,974)  (1,696)

Notes payable, net of current portion

     $964  $3,741 
             

Convertible notes payable:

            

Maryland DHCD (commenced December 2022)

  6.00% $5,312  $5,312 

Senior Secured Convertible Promissory Notes (commenced December 2024)

  12.00%  7,469   6,832 

Senior Secured Convertible Promissory Notes (commenced August 2025)

  12.00%  975   975 
       13,756   13,119 

Unamortized discount and debt issuance costs

      (481)  (941)

Less convertible notes payable, current portion, net of unamortized discount and debt issuance costs

      (7,980)  (2,378)

Convertible notes payable

     $5,295  $9,800 
Schedule of Interest Expense on Debt Instruments [Table Text Block]
  

Three Months Ended September 30,

  

Nine Months Ended September 30,

 

(in thousands)

 

2026

  

2025

  

2026

  

2025

 

Interest expense on notes payable:

                

Coupon interest

 $155  $137  $457  $395 

Amortization of debt discount and issuance costs

  63   88   247   259 

Total interest expense on notes payable

  218   225   704   654 
                 

Interest expense on convertible notes payable:

                

Coupon interest

  329   261   988   801 

Amortization of debt discount and issuance costs

  118   163   459   481 

Total interest expense on convertible notes payable

  447   424   1,447   1,282 
                 

Total interest expense on notes payable and convertible notes payable

 $665  $649  $2,151  $1,936 
Schedule of Maturities of Long-Term Debt [Table Text Block]

(in thousands)

 

2019 MD Loan

  

2019 Cecil Loan

  

2022 MD Loan

  

2022 DHCD Loan

  

2024 SSCP Notes

  

2025 SSCP Notes

  

Total

 

2026 (remainder)

 $—  $—  $94  $—  $—  $—  $94 

2027

  —   —   317   —   10,000   1,500   11,817 

2028

  —   —   —   5,000   —   —   5,000 

2029

  —   —   —   —   —   —   — 

2030

  —   —   —   —   —   —   — 

2031

  —   —   —   —   —   —   — 

Thereafter

  500   100   —   —   —   —   600 

Total debt principal payments

  500   100   411   5,000   10,000   1,500   17,511 

Accrued and unpaid interest

  304   60   50   312   1,491   220   2,437 

Unamortized discount and debt issuance costs

  —   —   (4)  (17)  (613)  (101)  (735)

Future debt payments, net

 $804  $160  $457  $5,295  $10,878  $1,619  $19,213