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Related Party Transactions

6 Months Ended

Jun. 30, 2022

5. Related Party Transactions

At June 30, 2022 and December 31, 2021, the Company had the following note payable to related parties:

	June 30, 2022			December 31, 2021
Ophir Holdings LLC, a company owned by two officers of the Company, 3.99% interest, monthly payments of $1,250 with a balloon payment of $76,887 in February 2024.	$	96,103		$	116,611
Total		96,103			116,611
Current portion		(11,376	)		(10,543	)
Long term portion	$	84,727		$	106,068

As of June 30, 2022 and December 31, 2021, there was no accrued interest payable to related parties. Related party interest expense for the three and six-months ended June 30, 2022 and 2021 is as follows.

June 30, 2022				June 30, 2021
Three Months		Six Months		Three Months		Six Months
$	1,027	$	2,157	$	2,133	$	4,402

The Company leases office space from certain related parties on a month-to-month basis. $1,500 per month is paid to NP Depot, a company owned by the Company’s president, John Swallow. Payments under these short-term lease arrangements are included in general and administrative expenses on the Consolidated Statement of Operations and are as follows:

June 30, 2022				June 30, 2021
Three Months		Six Months		Three Months		Six Months
$	6,217	$	12,434	$	6,210	$	12,427