LINES OF CREDIT

6 Months Ended

Jun. 30, 2023

Lines Of Credit

LINES OF CREDIT

13. LINES OF CREDIT

Principal due under the lines of credit was as follows at June 30, 2023 and December 31, 2022:

	June 30, 2023		December 31, 2022
Lines of credit, 15%, 6/30/24	$	1,750,000	$	1,175,000
Lines of credit – related parties, 15%, 6/30/24		2,275,000		675,000
Lines of credit, net	$	4,025,000	$	1,850,000

The lines of credit mature on June 30, 2024 with an extension available until September 30, 2024 at the Company’s option.

Interest expense under lines of credit was $102,479 and $0 for the three months ended June 30, 2023 and 2022, respectively, $171,854 and $0 for the six months ended June 30, 2023 and 2022, respectively.