Notes Payable

12 Months Ended

Dec. 31, 2022

Notes Payable

Notes Payable

6. Notes Payable:

The Company recognized forgiveness of debt and interest for the remaining outstanding notes payable balances with the December 21, 2022 Resolution to cease operations and allow the dissolution and wind up the affairs of the Company.

The notes payable forgiveness of debt and interest for the year ended December 31, 2022 is as follows:

	Debt		Interest
	($ in thousands)
Notes Payable-
At prime plus 2%, due October 1, 1985	$	176	$	508
At prime plus 2%, due October 1, 1987		1,000		3,085
Non-interest bearing, due August 1, 1993		22		-
	$	1,198	$	3,593

Accrued interest on notes payable consisted of the following:

	2022		2021
	($ in thousands)
Notes Payable-
At prime plus 2%, due October 1, 1985	$	-	$	496
At prime plus 2%, due October 1, 1987		-		3,016
	$	-	$	3,512