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Notes Payable - Related Parties
 6 Months Ended
Jun. 30, 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 tables below summarize all notes payable to related parties at June 30, 2024 and December 31, 2023:

 

   June 30, 2024   December 31, 2023 
Notes payable – “2022 Related Note”  $600,000   $600,000 
           
Less unamortized debt issuance costs   (27,937)   (39,398)
Long-term portion of notes payable  $572,063   $560,602 

 

Subordinated Notes Payable  Issue Date   Interest Rate   Interest Due   Principal Due 
2022 Related Note   April 1, 2022    12%   Quarterly    December 31, 2025 

 

Future minimum principal payments of the 2022 Notes to related parties are $600,000 as of June 30, 2026. As of June 30, 2024 and December 31, 2023, accrued interest for these 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 payable – related parties outstanding, interest expense, including the amortization of debt issuance costs, for the three and six months ended June 30, 2024 and 2023 was $22,656 and $47,461, and $25,880 and $51,759, respectively.