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NOTES PAYABLE

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

NOTES PAYABLE

NOTE 4 – NOTES PAYABLE

Notes payable consist of the following (in thousands):

SCHEDULE OF NOTES PAYABLE

		December 31, 2023				December 31, 2022
Total Notes Payable		$	64			$	268
Less: Current Portion			64				211
Notes Payable, Noncurrent portion		$	—			$	57

The Company entered into several financing agreements for the purchase of equipment in prior years. The terms of these financing arrangements are for a term of 2 years to 5 years, with interest rates ranging from 1.9% to 6.9% per annum, secured by the purchased equipment, and mature between September 2023 and July 2024. The aggregate monthly payments of principal and interest of the outstanding notes payable as of December 31, 2023 is approximately $8.

As of December 31, 2022, the balance of notes payable was $268. During 2023, the Company paid down the notes payable by $205, and at December 31, 2023, the balance of notes payable was $64.

Annual future principal payments under the outstanding note agreements as of December 31, 2023 are as follows (in thousands):

SCHEDULE OF ANNUAL FUTURE PRINCIPAL PAYMENTS

Year ending December 31:
2024		$	64
Total		$	64

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- References

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- Definition

The entire disclosure for long-term debt.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

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