Note 7 - Notes Payable

During the year ended December 31, 2020, the Company completed a private offering (the “Private Offering”) with certain promissory note holders converting outstanding amounts due under its 8% Unsecured Promissory Notes (the “Notes”) due in 2021 and 2022. The Company converted the Notes in the Private Offering totaling an aggregate of $3,847,018 in principal and interest and issued 3,154,115 units at a price of $1.22 per unit. Two officers of the Company participated in the private offering converting an aggregate of approximately $131,000 into 107,000 units. Each unit consists of one share of the Company’s common stock and one warrant to purchase 0.75 of one share of the Company’s common stock at an exercise price of $1.44 per share. Each warrant can be exercised at any time on or after June 18, 2021 and on or prior to June 18, 2026. As of December 31, 2020, the aggregate principal balance of the promissory notes totaling $740,000 remains outstanding. Of such amount, $365,000 in aggregate principal amount is due and payable 2021 and $375,000 in aggregate principal amount is due and payable in 2022.