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LOAN HELD-FOR-INVESTMENT, RELATED PARTY
6 Months Ended
Jun. 30, 2024
Loan Held-for-investment Related Party  
LOAN HELD-FOR-INVESTMENT, RELATED PARTY

8. LOAN HELD-FOR-INVESTMENT, RELATED PARTY

 

Loan held-for-investment, related party, represents a senior secured promissory note (the “Wattum Note”) from Wattum Management Inc., a non-controlling member of CW Machines, LLC, a related party. The Wattum Note bears interest of 5% per annum and a maturity date on October 12, 2026 with the entire outstanding principal and accrued interest due at maturity. The Wattum Note is secured by assets of Wattum Management, Inc. At June 30, 2024 and December 31, 2023, the principal amount of the loan held for investment was $2,224,252.