Note 6 - Notes Payable |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2024 | |||
| Notes to Financial Statements | |||
| Debt Disclosure [Text Block] |
Sucampo promissory note
As of March 31, 2024, CPP had a balance outstanding of approximately $4.2 million for principal and interest under an amended and restated promissory note (the “Sucampo Note). The note was issued with an initial principal amount of approximately $6.2 million in favor of Sucampo GmbH dated as of June 15, 2022. The principal balance outstanding as of March 31, 2024 is approximately $4.2 million under the Sucampo Note and it bears simple interest at a rate of 5% per annum. All unpaid principal, together with any then unpaid and accrued interest is payable as follows: (i) $1.0 million, plus all interest accrued but unpaid on or before each of January 31, 2025, and January 31, 2026; and (ii) all remaining principal plus accrued but unpaid interest on or before January 31, 2027. On March 8, 2024, the company paid the second installment on the balance due of $1.0 million plus accrued and unpaid interest of approximately $260,000. This payment was made prior to the expiration of a grace period provided by the lender.
As of March 31, 2024, the Company was current in all payments due under the Sucampo Note and the accrued and unpaid interest on this note was approximately $34,000. Panbela has agreed to guarantee CPP’s payment obligations under the Sucampo Note pursuant to a Guaranty dated as of June 15, 2022. |