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Debt
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Debt Disclosure NOTES PAYABLE
Notes payable were $4.0 million and $0.2 million as of June 30, 2024 and December 31, 2023, respectively.
The current portion was $0.4 million and $0.2 million at June 30, 2024 and December 31, 2023, respectively, as a result of insurance financing arrangements. The notes are fully amortizing and payments are made monthly, according to the terms of the agreements which have a weighted average effective interest rate of 10.5%.
The long-term portion of notes payable relates to three unsecured notes, described below. The long-term portion of notes payable was $3.6 million and $0.0 million as of June 30, 2024 and December 31, 2023, respectively.
On April 23, 2024, the Company issued an unsecured note payable to Jade Capital in the amount of $2.5 million. The note bears interest at 16% per annum and requires quarterly interest payments beginning June 30, 2024. The note is due in full on September 30, 2026. The Company has the right to prepay all or a portion of the Promissory Note at any time without premium or penalty. Tyler Rameson is an independent member of Mannatech's Board of Directors, and is the managing member of Jade Capital. As of June 30, 2024, there was no current portion and the long term portion of the balance was $2.5 million.
On April 23, 2024, the Company issued an unsecured note payable to J. Stanley Fredrick in the amount of $1.0 million. The note bears interest at 16% per annum and requires quarterly interest payments beginning June 30, 2024. The note is due in full on September 30, 2026. The Company has the right to prepay all or a portion of the Promissory Note at any time without premium or penalty. Mr. Fredrick is the Chairman of Mannatech's Board of Directors. As of June 30, 2024, there was no current portion and the long term portion of the balance was $1.0 million.
On April 23, 2024, the Company issued an unsecured note payable to Kevin Robbins in the amount of $0.1 million. The note bears interest at 16% per annum and requires quarterly interest payments beginning June 30, 2024. The note is due in full on September 30, 2026. The Company has the right to prepay all or a portion of the Promissory Note at any time without premium or penalty. Mr. Robbins is a member of Mannatech's Board of Directors. As of June 30, 2024, there was no current portion and the long term portion of the balance was $0.1 million.
As of June 30, 2024, the Company's future principal payments on notes payable were as follows (in thousands):
Principal PaymentsRemaining 202420252026ThereafterTotal
Insurance Financing Notes$285 $84 $— $— $369 
Jade Capital Note— — 2,500 — 2,500 
J.S. Fredrick Note— — 1,000 — 1,000 
K. Robbins Note— — 100 — 100 
Total$285 $84 $3,600 $— $3,969