Related Party Transactions |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| Related Party Transactions | |
| Related Party Transactions | 12. Related Party Transactions
At December 31, 2021 and 2020, the Company had a note payable to Ophir Holdings, LLC, a company owned by two officers and one former officer of the Company, 6% interest, monthly payments of $3,777 with a balloon payment of $110,835 in February 2023. The balance due on the note was $116,611 and $154,312 at December 31, 2021, and 2020, respectively. At December 31, 2021, $10,543 of related party debt is payable in 2022 and the remaining $106,068 is payable in 2023. Related party interest expense for the years ending December 31, 2021, and 2020 was $7,627 and $10,992, respectively. There is no accrued interest payable at December 31, 2021 or 2020 on this note.In February 2020, the Company’s corporate secretary, Monique Hayes, participated in the Company’s convertible debt offering for $25,000. Interest expense on her note was $975 and $1,742 for the years ended December 31, 2021, and 2020 respectively. She converted her note in May 2021 as provided in the agreement. See Note 14.
The Company leases office space from certain related parties on a month-to-month basis. Payments under these short-term lease arrangements totaled $25,008 and $24,840 for the years ended December 31, 2021, and 2020, respectively, and are included in general and administrative expenses on the Consolidated Statement of Operations. |