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Notes Payable – Unrelated Parties
 6 Months Ended
Jun. 30, 2024
Nonrelated Party [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Notes Payable – Unrelated Parties

7. Notes Payable – Unrelated Parties

 

Summary of Notes Payable to Unrelated Parties

 

The tables below summarize all notes payable at June 30, 2024 and December 31, 2023, respectively, with the exception of related party notes disclosed in Note 9 “Notes Payable - Related Parties.”

 

   June 30, 2024   December 31, 2023 
Notes payable – “2022 Unrelated Notes”  $1,539,500   $2,364,500 
Less unamortized debt issuance costs   (72,188)   (155,258)
Long-term portion of notes payable  $1,467,312   $2,209,242 

 

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

 

Future minimum principal payments of the Notes Payable to Unrelated Parties are $1,539,500 as of June 30, 2026. As of June 30, 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 June 30, 2024 and December 31, 2023, unamortized deferred financing costs and unamortized debt discount were reflected within long term liabilities on the condensed consolidated balance sheets, netted with the corresponding 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 and six months ended June 30, 2024 and 2023 was $83,159 and $207,884, respectively, and $136,136 and $287,741, respectively.