Other Loans

9 Months Ended

Sep. 30, 2024

Other Loans

Other Loans

8. Other Loans

On April 18, 2020, the Company entered into a $271,000 loan with Woodforest National Bank, under a program administered by the Small Business Administration (“SBA”) as part of the Paycheck Protection Program (“PPP”) approved under the “Coronavirus Aid, Relief, and Economic Security Act” (“CARES Act”) (Pub. L. No. 116-136). The loan matured in two (2) years and accrued interest at 1% from the origination of the loan.

On June 22, 2022, the Company executed a loan modification with Woodforest National Bank (“WNB”) allowing for the repayment of the PPP loan to WNB. The modified loan has a maturity date of April 18, 2025 with a 1% fixed interest rate and monthly principal and interest payments of $7,801 beginning on May 18, 2022. For the three months ended September 30, 2024 and 2023, the Company paid interest on this loan of $178 and $415, respectively, which is included in interest expense. For the nine months ended September 30, 2024 and 2023, the Company paid interest on this loan of $711 and $1,409, respectively, which is included in interest expense. As of September 30, 2024 and December 31, 2023, the balance of the PPP loan is as follows:

	September 30, 2024 (unaudited)			December 31, 2023
Total PPP loan	$	54,424		$	123,924
Less current maturities		(54,424	)		(92,785	)
Long-term portion of PPP loan	$	—		$	31,139

On April 12, 2024, the Company entered into a $43,700 loan agreement with American Express. The loan has a maturity date of April 12, 2025 with a 10.89% fixed interest rate and monthly principal and interest payments of $3,860 beginning on May 13, 2024. For the three months ended September 30, 2024 and 2023, the Company paid interest on this loan of $656 and $0, which is included in interest expense. For the nine months ended September 30, 2024 and 2023, the Company paid interest on this loan of $1,793 and $0, which is included in interest expense.