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

7. Notes Payable

 

Summary of Notes Payable to Unrelated Parties

 

The table below summarizes all notes payable at March 31, 2024 and December 31, 2023, respectively with the exception of related party notes disclosed in Note 8 “Notes Payable - Related Parties.”

 

   March 31, 2024   December 31, 2023 
Notes payable – “2022 Unrelated Notes”  $1,864,500   $2,364,500 
Less unamortized debt issuance costs   (101,468)   (155,258)
Less current portion   (325,000)   - 
Long-term portion of notes payable  $1,438,032   $2,209,242 

 

Subordinated Notes Payable   Issue Date  Interest Rate   Interest Due  Principal Due
$325,000   April 1, 2022   12%  Quarterly  March 30, 2025
$1,539,500   April 1, 2022   12%  Quarterly  December 31, 2025

 

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

 

As of March 31,  Amount 
2025  $325,000 
2026   1,539,500 
Total  $1,864,500 

 

As of March 31, 2024 and December 31, 2023, accrued interest for these notes payable with the exception of the related party notes in Note 8, “Notes Payable - Related Parties,” was $0. As of March 31, 2024 and December 31, 2023, unamortized debt issuance costs were reflected within long term liabilities on the condensed consolidated balance sheets, netted with the notes payable balance.

 

With respect to all notes outstanding (other than the notes to related parties), interest expense, including the amortization of debt issuance costs and debt discount for the three months ended March 31, 2024 and 2023 was $124,725 and $151,605, respectively.