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Notes Payable - Related Parties
 3 Months Ended
Mar. 31, 2025
Defined Benefit Plan Disclosure [Line Items]  
Notes Payable - Related Parties

6. Notes Payable

 

Summary of Notes Payable to Unrelated Parties

 

The table below summarizes all notes payable at March 31, 2025 and December 31, 2024, respectively with the exception of related party notes disclosed in Note 7 “Notes Payable - Related Parties.”

   March 31, 2025   December 31, 2024 
Notes payable – “2022 Unrelated Notes”  $807,331   $807,331 
Less unamortized debt issuance costs   (19,046)   (25,395)
Less current portion   (788,285)   (781,936)
Long-term portion of notes payable  $-   $- 

 

The principal terms of the 2022 Unrelated Notes, which are subordinated notes, as of March 31, 2025 are as follows:

 

Issue Date  Interest Rate  Interest Due   Principal Due
April 1, 2022  12%   Quarterly   December 31, 2025

 

Future minimum principal payments of the Notes Payable to Unrelated Parties of $807,331 are due on December 31, 2025. As of March 31, 2025 and December 31, 2024, accrued interest for these notes payable with the exception of the related party notes in Note 7, “Notes Payable - Related Parties,” was $0 for both periods. As of March 31, 2025 and December 31, 2024, unamortized deferred financing costs were reflected within short 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 months ended March 31, 2025 and 2024 was $30,569 and $124,725, respectively.

 
Related Party [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Notes Payable - Related Parties

7. Notes Payable - Related Parties

 

Summary of Notes Payable to Related Parties

 

The table below summarizes all notes payable to related parties at March 31, 2025 and December 31, 2024:

   March 31, 2025   December 31, 2024 
Notes payable – “2022 Related Notes”  $532,169   $532,169 
Less unamortized debt issuance costs   (12,493)   (16,657)
Less current portion   (519,676)   (515,512)
Long-term portion of notes payable  $-   $- 

 

The principal terms of the 2022 Related Notes, which are subordinated notes, as of March 31, 2025 are as follows:

Issue Date  Interest Rate  Interest Due   Principal Due
April 1, 2022  12%   Quarterly   December 31, 2025

 

Future minimum principal payments of the 2022 Notes to related parties of $532,169 are due on December 31, 2025. As of March 31, 2025 and December 31, 2024, accrued interest for these notes payable – related parties was $0 for both periods. As of March 31, 2025 and December 31, 2024, unamortized deferred financing costs were reflected within short 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 months ended March 31, 2025 and 2024 was $20,129 and $24,805, respectively.