XML 125 R18.htm IDEA: XBRL DOCUMENT v3.23.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2022
Related Party Transactions  
Related Party Transactions

12. Related Party Transactions

 

At December 31, 2022 and 2021, the Company had a note payable to Ophir Holdings, LLC, a company owned by two officers and one former officer of the Company, at 6% interest, with monthly payments of $3,777 and a balloon payment of $60,871 in February 2024 The balance due on the note was $75,183 and $116,611 at December 31, 2022 and 2021, respectively. At December 31, 2022, $12,226 of related party debt is payable in 2023 and the remaining $62,957 is payable in 2024. Related party interest expense for the years ending December 31, 2022 and 2021 was $3,901 and $7,627, respectively. No interest was accrued at the end of either period.

 

The Company leases office space from certain related parties on a month-to-month basis. Payments under these short-term lease arrangements totaled $24,868 and $25,008 for the years ended December 31, 2022 and 2021, respectively, and are included in general and administrative expenses on the consolidated statement of operations.