Insurance Financing Note Payable

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Insurance Financing Note Payable

Insurance Financing Note Payable

On July 3, 2022, the Company entered into a short-term note payable for $2.0 million, bearing interest at 5.40% per annum to finance various insurance policies. Principal and interest payments related to this note began on July 3, 2022 and are paid on a straight-line amortization over nine months, and the final payment was due on March 3, 2023. As of December 31, 2022, the Company's insurance note payable balance was $0.5 million and was paid fully in 2023.

On June 3, 2023, the Company entered into a new short-term note payable for $0.7 million, bearing interest at 9.59% per annum to finance various insurance policies. Principal and interest payments related to this note began on July 3, 2023 and are paid on a straight-line amortization over nine months with the final payment due on March 3, 2024. As of December 31, 2023, the Company's insurance note payable balance was $0.2 million.