Related Party Notes Payable	9 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Notes Payable	(9) Related Party Notes Payable During 2022, the member owners loaned $1.9 million to the Company for the construction and pre-opening costs at the new GEN Webster restaurant location. As of September 30, 2024, the loan balance outstanding was $310 thousand. The loan bears interest of 3.00% per year and matures on November 25, 2024. In December 2022, the member owners loaned an additional $500 thousand to the Company for construction and pre-opening costs. The loan has a variable interest rate which is defined as the Wall Street Journal Prime Rate plus 1.75%, resulting in an interest rate of 9.25% at December 31, 2022. During January 2023, the Company repaid $500 thousand towards the Note Payable – related party. During March 2023, the member owner loaned another $500 thousand to the Company of which $150 thousand was repaid prior to the IPO transaction, and as part of the IPO transaction, the remaining loan balance was repaid in full and immediately contributed to owners’ equity. Interest expense incurred for the related party debt was $0 and $38 thousand for the three months ended September 30, 2024 and September 30, 2023, respectively. Interest expense incurred for the related party debt was $52 thousand and $109 thousand for the nine months ended September 30, 2024 and September 30, 2023, respectively. Issuance of Common Stock for Repayment of Notes Payable to Related Parties and Advances from Members During the second quarter of 2024, the Company satisfied $2.7 million of notes payable to related parties and advances from members through cash payments of $864 thousand, the issuance of Class A common stock valued at $550 thousand, and offset against $1.3 million of advances to satisfy certain costs incurred by the Company relating to the restructuring transaction in connection with the IPO.

Related Party Notes Payable

9 Months Ended

Sep. 30, 2024

(9)

Related Party Notes Payable

During 2022, the member owners loaned $1.9 million to the Company for the construction and pre-opening costs at the new GEN Webster restaurant location. As of September 30, 2024, the loan balance outstanding was $310 thousand. The loan bears interest of 3.00% per year and matures on November 25, 2024.

In December 2022, the member owners loaned an additional $500 thousand to the Company for construction and pre-opening costs. The loan has a variable interest rate which is defined as the Wall Street Journal Prime Rate plus 1.75%, resulting in an interest rate of 9.25% at December 31, 2022. During January 2023, the Company repaid $500 thousand towards the Note Payable – related party. During March 2023, the member owner loaned another $500 thousand to the Company of which $150 thousand was repaid prior to the IPO transaction, and as part of the IPO transaction, the remaining loan balance was repaid in full and immediately contributed to owners’ equity.

Interest expense incurred for the related party debt was $0 and $38 thousand for the three months ended September 30, 2024 and September 30, 2023, respectively.

Interest expense incurred for the related party debt was $52 thousand and $109 thousand for the nine months ended September 30, 2024 and September 30, 2023, respectively.

Issuance of Common Stock for Repayment of Notes Payable to Related Parties and Advances from Members

During the second quarter of 2024, the Company satisfied $2.7 million of notes payable to related parties and advances from members through cash payments of $864 thousand, the issuance of Class A common stock valued at $550 thousand, and offset against $1.3 million of advances to satisfy certain costs incurred by the Company relating to the restructuring transaction in connection with the IPO.