Notes Payable

3 Months Ended

Mar. 31, 2024

Notes Payable [Abstract]

NOTES PAYABLE

NOTE 3 – NOTES PAYABLE

Premium Financing

On March 12, 2024, the company entered into an agreement with Oakwood D&O Insurance to provide financing in the amount of $189,302 for the insurance premium associated with two D&O policies. Both policies commenced March 12, 2024, and provided coverage for the next 15 months, expiring June 11, 2025. The loan bears interest at a fixed rate of 9.50% per annum and required the company to prepay $41,057 and appears on the balance sheet as a current asset. On April 12, 2024, the company commenced monthly principal and interest payments of $15,775 which was the first payment of twelve remaining months due of $189,302, the last payment of which is scheduled to be made on March 12, 2025. As of March 31, 2024, the outstanding balance on the note was $189,302 and was recorded as notes payable, a currently liability, in the company’s unaudited condensed consolidated balance sheet.

Notes Payable Reconciliation

The following reconciles notes payable as of March 31, 2024, and December 31, 2023:

	March 31, 2024		December 31, 2023
Beginning balance	$	-	$	400,000
Notes payable		189,302		155,541
Payments on notes payable		-		(555,541	)
Total		189,302		-
Less-Notes payable – current		189,302		-
Notes payable – non-current	$	-	$	-

Future principal payments for the company’s Notes as of March 31, 2024, are as follows:

2024, nine months ended	$	141,977
2025		47,325
Thereafter		-
Total	$	189,302

The company’s note payable balance of $189,302 is due within the next twelve months, in accordance with the terms of note payable.