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Loans Payable	6 Months Ended
Jun. 30, 2024
Loans Payable
Loans Payable	Note 6. Loans Payable On June 23, 2021, the Company entered into a purchase agreement to acquire certain assets from MedScience Research Group, Inc (“MedScience”) (See Note 5 for additional information). As part of that purchase agreement, the Company issued a Promissory Note with a principal sum of $750,000. The principal, along with associated interest, are being paid in 36 equal monthly installments that began in July 2021. The Promissory Note provides for various events of default similar to those provided for in similar transactions, including the failure to timely pay amounts due thereunder. In the event of a default, the interest rate on the outstanding principal would increase to predetermined interest rate defined in the Promissory Note. The Company has deferred certain principal payments and MedScience has indicated that it would forbear taking any action but reserves all of its rights under its agreement. The most recent notice of forbearance was received on February 19, 2024. The combined principal due along with accrued interest as of June 30, 2024 is $414,632 and as of December 31, 2023 was $396,138, without giving effect to additional interest of $21,336 and $11,969, respectively, which MedScience may demand as a result of the failure to make payments on the due date provided in the Promissory Note. On October 5, 2023, the Company entered into a fixed-fee short-term loan with its merchant bank and received $226,700 in loan proceeds. The loan is repaid by the merchant bank withholding an agreed-upon percentage of payments they process on behalf of the Company with a minimum of $28,463 paid every 60 days. The loan payable is due in April 2025. As of June 30, 2024 and December 31, 2023, the loan balance was $72,449 and $174,092, respectively, and is all recorded in current liabilities on the condensed consolidated balance sheets.

Loans Payable

6 Months Ended

Jun. 30, 2024

Note 6. Loans Payable

On June 23, 2021, the Company entered into a purchase agreement to acquire certain assets from MedScience Research Group, Inc (“MedScience”) (See Note 5 for additional information). As part of that purchase agreement, the Company issued a Promissory Note with a principal sum of $750,000. The principal, along with associated interest, are being paid in 36 equal monthly installments that began in July 2021.

The Promissory Note provides for various events of default similar to those provided for in similar transactions, including the failure to timely pay amounts due thereunder. In the event of a default, the interest rate on the outstanding principal would increase to predetermined interest rate defined in the Promissory Note. The Company has deferred certain principal payments and MedScience has indicated that it would forbear taking any action but reserves all of its rights under its agreement. The most recent notice of forbearance was received on February 19, 2024. The combined principal due along with accrued interest as of June 30, 2024 is $414,632 and as of December 31, 2023 was $396,138, without giving effect to additional interest of $21,336 and $11,969, respectively, which MedScience may demand as a result of the failure to make payments on the due date provided in the Promissory Note.

On October 5, 2023, the Company entered into a fixed-fee short-term loan with its merchant bank and received $226,700 in loan proceeds. The loan is repaid by the merchant bank withholding an agreed-upon percentage of payments they process on behalf of the Company with a minimum of $28,463 paid every 60 days. The loan payable is due in April 2025. As of June 30, 2024 and December 31, 2023, the loan balance was $72,449 and $174,092, respectively, and is all recorded in current liabilities on the condensed consolidated balance sheets.