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Related Party Transactions
3 Months Ended
Mar. 31, 2022
Related Party Transactions  
Related Party Transactions

5. Related Party Transactions

 

At March 31, 2022 and December 31, 2021, the Company had the following note payable to related parties:

 

 

 

March 31,

2022

 

 

December 31,

2021

 

Ophir Holdings LLC, a company owned by two officers of the Company, 3.99% interest, monthly payments of $1,250 with a balloon payment of $85,016 in February 2024

 

$106,408

 

 

$116,611

 

Total

 

 

106,408

 

 

 

116,611

 

Current portion

 

 

(10,957)

 

 

(10,543)

Long term portion

 

$95,451

 

 

$106,068

 

 

As of March 31, 2022 and December 31, 2021, there was no accrued interest payable to related parties. Related party interest expense for the three-months ended March 31, 2022 and 2021 is $1,129 and $3,181, respectively.

 

The Company leases office space from certain related parties on a month-to-month basis. $1,500 per month is paid to NP Depot, a company owned by the Company’s president, John Swallow. Payments under these short-term lease arrangements are included in general and administrative expenses on the Consolidated Statement of Operations and are as follows:

 

 

 

March 31,

 

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

$6,217

 

 

$6,210