Notes Payable

9 Months Ended

Sep. 30, 2024

Notes Payable [Abstract]

Notes Payable

(9) Notes Payable

AFCO Credit Corporation (AFCO)

In July 2023, the Company executed a Promissory Note with AFCO to finance certain insurance premiums totaling $469,042, requiring the Company to pay $48,423 in a down payment and make monthly installment payments. The annual interest rate was 8.6% and the monthly installment was $48,423, which represents principal and interest. The Promissory Note was paid in full without penalty in November 2023.

As of September 30, 2024, and December 31, 2023, there was no principal balance on the AFCO. Interest expense in connection with the AFCO promissory notes was $0 and $9,317 for the three and nine months ended September 30, 2024 and 2023, respectively.