Related Party Notes Payable

3 Months Ended

Mar. 31, 2022

The Company has been significantly funded by notes payable from related parties. These related parties include employees as well as affiliates of employees, affiliates, and other companies controlled or previously controlled by the Company’s founder and former CEO.

Related party notes payable consists of the following as of March 31, 2022:


Note Name	Contractual Maturity Date	Contractual Interest Rates	Balance as of March 31, 2022		Interest Expense for the Three Months Ended March 31, 2022
Related party notes – China(1)	Due on Demand	18.00%	$	9,451	$	622
Related party notes – China various other	Due on Demand	0.00%	4,185		—
			$	13,636	$	622

(1)As of March 31, 2022, the Company was in default on a related party note with a principal value of $9,451.

The estimated fair value of the related party notes payable, which are not carried at fair value, using inputs from Level 3 under the fair value hierarchy, was $12,999 and $13,337 as of March 31, 2022 and December 31, 2021, respectively.