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Notes Payable - Related Parties
 3 Months Ended
Mar. 31, 2024
Related Party [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Notes Payable - Related Parties

8. Notes Payable - Related Parties

 

Summary of Notes Payable to Related Parties

 

The table below summarizes all notes payable to related parties at March 31, 2024 and December 31, 2023:

 

   March 31, 2024   December 31, 2023 
Notes payable – “2022 Related Note”  $600,000   $600,000 
Less unamortized debt issuance costs   (32,593)   (39,398)
Long-term portion of notes payable  $567,407   $560,602 

 

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

 

As of March 31,  Amount 
2026  $600,000 
Total  $600,000 

 

As of March 31, 2024 and December 31, 2023, accrued interest for these notes payable – related parties were $0. As of March 31, 2024 and December 31, 2023, unamortized deferred financing costs were reflected within long term liabilities on the consolidated balance sheets, netted with the corresponding notes payable balance.

 

With respect to all notes payable – related parties outstanding, interest expense, including the amortization of debt issuance costs, for the three months ended March 31, 2024 and 2023 and was $24,805 and $25,879, respectively.