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LOANS PAYABLE – RELATED PARTIES | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
LOANS PAYABLE – RELATED PARTIES | NOTE 7 – LOANS PAYABLE – RELATED PARTIES SemiCab maintains several outstanding affiliate loans from Ajesh Kapoor and Vivek Sehgal, (current employees and original founders of SemiCab) initially issued by SemiCab Holdings LLC. The notes are unsecured. There was accrued interest payable is approximately $72,000 that is included as a component of accrued expenses on the accompanying condensed consolidated balance sheets. Interest expense on these related party loans for the three and nine months ended September 30, 2024 was approximately $28,000. ALGORHYTHM HOLDINGS, INC. and SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS September 30, 2024 and 2023 (Unaudited) The specific terms of each loan are summarized in the table below: SCHEDULE OF LOAN
|  | Issue |  | Maturity |  |  |  | Interest |  |  |  |
Holder |  | Date |  | Date |  | Status |  | Rate |  |  | Principal |
Ajesh Kapoor |  | 7/10/2021 |  | 7/10/2026 |  | Current |  |  | 9.0 | % |  | $ | 150,000 |
Ajesh Kapoor |  | 8/27/2021 |  | 8/26/2026 |  | Current |  |  | 9.0 | % |  |  | 235,000 |
Vivek Seghal |  | 4/17/2023 |  | 10/13/2023 |  | Default |  |  | 10.0 | % |  |  | 50,000 |
Ajesh Kapoor |  | 5/5/2023 |  | 5/4/2024 |  | Default |  |  | 10.0 | % |  |  | 50,000 |
Ajesh Kapoor |  | 5/17/2023 |  | 5/16/2024 |  | Default |  |  | 10.0 | % |  |  | 165,000 |
Amount due as of September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  | 650,000 |
Less: Current portion of notes payable to related parties |  |  |  |  |  |  |  |  |  |  |  |  | 265,000 |
Notes payable to related parties, net of current portion |  |  |  |  |  |  |  |  |  |  |  | $ | 385,000 |

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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 + Details
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