Note 4 - Note Receivable |
9 Months Ended |
|---|---|
Sep. 30, 2024 | |
| Notes to Financial Statements | |
| Loans, Notes, Trade and Other Receivables Disclosure [Text Block] |
4. Note receivable
During the year ended December 31, 2023, the Company sold its $2,000,000 stock investment in LINICO and recorded an impairment of $1,400,000 and a note receivable of $600,000. The proceeds will be received over a 12-month installment which began in January 2024. The balance of the note receivable is $250,000 and $600,000 as of September 30, 2024 and December 31, 2023, respectively.
The Company accounted for the LINICO investment under ASC 321, Investments-Equity Securities, using the measurement alternative of recording at cost as the investment in LINICO doesn’t have a readily determinable fair value. |