On February 18, 2024, the Company finalized an agreement with WDI International, Inc. (“WDI”), to acquire the remaining 50% ownership stake in GKBH, along with securing rights for participation in upcoming restaurant ventures in Hawaii, at a valuation of $6.0 million. Subsequently, on the same date, the Company disbursed $3.0 million in cash and committed to a promissory note amounting to $3.0 million as per the terms of the agreement. The note is non-interest bearing and is due August 16, 2024.

On September 13, 2017, the Company and a commercial bank entered into a loan agreement in the amount of $3.0 million with a maturity date of September 15, 2024, at an interest rate of 6.00%. On August 16, 2023, the Company paid the outstanding balance plus accrued interest in full.

During the first quarter of 2023, the Company and a commercial bank entered into a loan agreement in the amount of $1.3 million with a maturity date of February 6, 2030, at a variable interest rate which is defined as the Wall Street Journal Prime Rate plus 1.00%, resulting in an interest rate of 9.25% as of August 16, 2023. Principal and interest payments were due monthly and commenced in March 2023. On August 16, 2023, the Company paid the outstanding balance plus accrued interest in full.

On July 1, 2020, the Company executed the standard loan documents for restaurants required for securing EIDL from the United States Small Business Administration under its Economic Injury Disaster Loan assistance program. This assistance was sought in light of the impact of the COVID-19 pandemic on the Company’s business.

As of both June 30, 2024 and December 31, 2023, the total principal amount of the EIDLs was $4.4 million, and the proceeds were used for working capital purposes. Interest on the EIDLs accrues at 3.75% per annum and installment payments, including principal and interest, are due monthly beginning twelve months from the date of each loan. The balance of principal and interest is payable over thirty years from the date of the promissory note.

In August 2017, GEN Fremont entered into a note agreement with a landlord. The Company is making equal monthly payments on this note which has a July 2027 maturity date, with an interest rate of 8.00% per annum. As of June 30, 2024 and December 31, 2023, the loan balance outstanding was $238 thousand and $271 thousand, respectively.

The aggregate maturities of all third party notes payable as of June 30, 2024:


(in thousands)
2024 - remaining	$	3,149
2025		179
2026		189
2027		146
2028		117
Thereafter		3,851
	$	7,631
Less current portion of notes payable		(3,206	)
Long term portion	$	4,425