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Notes Payable
 9 Months Ended
Sep. 30, 2024
Notes Payable  
Notes Payable

10. Notes Payable

 

Notes payable consists of short and long-term financing arrangements:

 

 

 

September 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Related party note payable

 

$570

 

 

$843

 

Other notes payable

 

 

139

 

 

 

206

 

Total notes payable

 

$709

 

 

$1,049

 

Less: current notes payable

 

 

(473)

 

 

(457)

Notes payable, net of current portion

 

$236

 

 

$592

 

 

On February 27, 2023, we entered into a promissory note with CrossFirst Bank in the amount of $278. The promissory note has a term of three (3) years with monthly payments of Eight Thousand Five Hundred Forty-Three ($8,543), including interest of 6.58%, beginning on March 27, 2023. Additionally, the promissory note is subject to certain financial covenants.

 

On November 1, 2022, as part of the acquisition of Allegiant Networks, we entered into a promissory note with the seller in the amount of $1.1 million. The loan agreement has a term of three (3) years with quarterly payments of Ninety-Eight Thousand Three Hundred Eighty-One ($98,381), including interest at 4.00%, beginning on April 1, 2023. As of September 30, 2024 and December 31, 2023, the outstanding balance of the related party note payable was $570 and $843, respectively. During the three months ended September 30, 2024 and 2023, the Company paid principal of $92 and $80, respectively, and interest of $6 and $18, respectively. During the nine months ended September 30, 2024 and 2023, the Company paid principal of $272 and $257, respectively, and interest of $22 and $37, respectively.

 

As of September 30, 2024, future principal payments are scheduled as follows (in thousands):

 

Year ending December 31,

 

 

 

2024 remaining

 

$116

 

2025

 

 

478

 

2026

 

 

115

 

2027

 

 

-

 

2028 and thereafter

 

 

-

 

Total

 

$709