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Notes Payable - Related Parties (Tables)
 6 Months Ended
Jun. 30, 2023
Related Party Transaction [Line Items]  
Schedule of Notes Payable

The tables below summarize all notes payable at June 30, 2023 and December 31, 2022, respectively, with the exception of related party notes disclosed in Note 9 “Notes Payable - Related Parties.”

 

   June 30, 2023   December 31, 2022 
2022 Unrelated Notes  $2,364,500   $2,364,500 
2020 Notes   717,500    980,450 
Total notes payable  $3,082,000   $3,344,950 
Less unamortized debt issuance costs   (221,511)   (300,904)
Less unamortized debt discount   (4,267)   (22,045)
Less current portion   (709,083)   (936,966)
Long-term portion of notes payable  $2,147,139   $2,085,035 

 

Subordinated Notes Payable  Issue Date  Interest Rate   Interest Due  Principal Due
2022 Unrelated Notes  April 1, 2022   12%  Quarterly  March 30, 2025
2020 Notes  March 2, 2020   12%  Quarterly  August 31, 2023
Schedule of Future Minimum Principal Payments of Notes Payable

Future minimum principal payments of the Notes Payable to Unrelated Parties are as follows:

 

As of June 30,  Amount 
2024  $717,500 
2025   2,364,500 
Total  $3,082,000 
Related Party [Member]  
Related Party Transaction [Line Items]  
Schedule of Notes Payable

The tables below summarize all notes payable to related parties at June 30, 2023 and December 31, 2022:

 

   June 30, 2023   December 31, 2022 
Notes payable – “2022 Related Note”  $600,000   $600,000 
Less unamortized debt issuance costs   (55,157)   (70,916)
Long-term portion of notes payable  $544,843   $529,084 

 

Subordinated Notes Payable  Issue Date  Interest Rate   Interest Due  Principal Due
2022 Related Note  April 1, 2022   12%  Quarterly  March 30, 2025
Schedule of Future Minimum Principal Payments of Notes Payable

Future minimum principal payments of the 2022 Notes to related parties are as follows:

 

As of June 30,  Amount 
2025  $600,000 
Total  $600,000