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Related Party Notes Payable
12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Related Party Notes Payable
(10)
Related Party Notes Payable

During 2022, the member owners loaned $1.9 million, with an interest rate of 3.00% per year and matured on November 25, 2024, to the Company. During 2023 and 2024, the Company satisfied this loan and as of December 31, 2024, the loan balance outstanding was $0.

During March 2023, a member owner loaned $500 thousand to the Company of which $150 thousand was repaid prior to the IPO and as part of the IPO, the remaining loan balance was repaid in full and immediately contributed to owners’ equity.

 

Interest expense incurred for the related party debt was $16 thousand and $133 thousand for the year ended December 31, 2024 and December 31, 2023, respectively.