Notes Payable

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Notes Payable

NOTES PAYABLE

Finance Obligation

The Company pays for its laptop computer equipment through long-term payment plans, using an imputed interest rate of 7.8%, based on its incremental borrowing rate, to determine the present value of its financial obligation and to record interest expense over the term of the plan. The Company refreshed a portion of its computer inventory during the fourth quarter of 2022, entering a new three-year payment plan with the same vendor. The total balance owed was $93,113 and $122,805 as of June 30, 2024 and December 31, 2023, respectively, with the short-term portion of $59,386 and $59,386 recorded under accrued expenses in the consolidated balance sheets as of June 30, 2024 and December 31, 2023, respectively.

Summary

Interest expense on financing arrangements recorded in the Company’s consolidated statements of operations was $4,000 and $3,103 during the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, the future contractual maturities of the Company’s long-term payment obligations by year are set forth in the following schedule:

2024	$	29,693
2025	56,683
2026	6,737
Total	$	93,113