LINES OF CREDIT

9 Months Ended

Sep. 30, 2023

Lines Of Credit

LINES OF CREDIT

13. LINES OF CREDIT

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

	September 30, 2023		December 31, 2022
Lines of credit, 15%, 6/30/24	$	2,150,000	$	1,175,000
Lines of credit – related parties, 15%, 6/30/24		2,275,000		675,000
Lines of credit, net	$	4,425,000	$	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 $169,962 and $0 for the three months ended September 30, 2023 and 2022, respectively, $341,816 and $0 for the nine months ended September 30, 2023 and 2022, respectively.