The Company and a commercial bank entered into a loan agreement in the amount of $3.0 million in 2024 with a maturity date of September 15, 2024, at an interest rate of 6.00%. The Company paid $44 thousand each month and paid one last payment estimated at $263 thousand on August 16, 2023. This note was guaranteed by six of the Company’s entities and was cross guaranteed by related party entities. On August 16, 2023, the Company paid the outstanding balance plus accrued interest in full. There was no outstanding balance as of December 31, 2024 and December 31, 2023, respectively.

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.

During the third quarter of 2024, the Company entered into a loan agreement with a bank in the amount of $3.0 million with a maturity date of June 26, 2026, at a variable interest rate which is defined as the Wall Street Journal Prime Rate plus 0.25%, resulting in an interest rate of 7.75% as of December 31, 2024. The balance as of December 31, 2024 was $2.3 million.

On July 1, 2020, the Company executed the standard loan documents for six restaurants required for securing an EIDL loan from the United States Small Business Administration (the “SBA”) 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 December 31, 2024 and December 31, 2023, the total principal amount of the EIDL loans was $4.4 million and $4.4 million, respectively, and the proceeds were used for working capital purposes. Interest on the EIDL loans 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 December 31, 2024 and December 31, 2023, the loan balance outstanding was $203 thousand and $271 thousand, respectively.

The aggregate maturities of all third party notes payable as of December 31, 2024 are as follows:


(in thousands)
2025	$	1,724
2026		980
2027		165
2028		113
2029		117
Thereafter		3,765
	$	6,864
Less current portion of notes payable		(1,724	)
Long term portion	$	5,140