Note Payable and Interest Payable	6 Months Ended
Jun. 30, 2024
Note Payable and Interest Payable
Note Payable and Interest Payable	6. Note Payable and Interest Payable On June 18, 2021, the Company entered into a promissory note with an investor of the Company. Under the terms of the promissory note, the Company borrowed $270,000 at 7% at annual, simple interest and was obligated to pay monthly interest starting July 15, 2021 with the principal balance paid on June 15, 2022. In October 2023, the parties ratified an extension of the maturity date of the note to June 18, 2027. As of June 30, 2024, the balance of the promissory note and interest payable was $270,000 and $47,250, respectively. For the three months ended June 30, 2024 and 2023, the Company incurred interest expense from the promissory note in the amount of $4,725 and $4,725, respectively. For the six months ended June 30, 2024 and 2023, the Company incurred interest expense from the promissory note in the amount of $9,450 and $9,450, respectively. On November 18, 2021, the Company entered in another promissory note with the same investor. Under the terms of the promissory note, the Company borrowed $60,000 at 7% at annual, simple interest and was obligated to pay monthly interest starting December 15, 2021 with the principal balance paid on November 18, 2022. The note has been renewed with a new due date of November 18, 2025. As of June 30, 2024, the balance of the promissory note was $60,000 and interest payable related to the promissory note was $10,500. For the three months ended June 30, 2024 and 2023, the Company incurred interest expense from the promissory note of $1,050 and $1,050, respectively. For the six months ended June 30, 2024 and 2023, the Company incurred interest expense from the promissory note of $2,100 and $2,100, respectively. On February 24, 2022, the Company entered in another promissory note with a different investor and member of the Board of Directors of the Company. Under the terms of the promissory note, the Company borrowed $42,000 at 7% at annual, simple interest and was obligated to pay monthly interest starting February 24, 2022 with the principal balance paid on March 15, 2023. The note has been renewed with a new due maturity date of March 15, 2025. As of June 30, 2024, the balance of the promissory note was $42,000 and interest payable related to the promissory note was $5,635. For the three months ended June 30, 2024 and 2023, the Company incurred interest expense from the promissory note of $735 and $735, respectively. For the six months ended June 30, 2024 and 2023, the Company incurred interest expense from the promissory note of $1,470 and $1,470, respectively. On June 30, 2022, the Company entered in another promissory note with the same investor. Under the terms of the promissory note, the Company borrowed $6,000 at 7% at annual, simple interest and was obligated to pay monthly interest starting August 30, 2022 with the principal balance paid on September 30, 2024. As of June 30, 2024, the balance of the promissory note was $6,000 and interest payable related to the promissory note was $770. For the three months ended June 30, 2024 and 2023, the Company incurred interest expense from the promissory note of $100 and $100, respectively. For the six months ended June 30, 2024 and 2023, the Company incurred interest expense from the promissory note of $210 and $210, respectively.

Note Payable and Interest Payable

6 Months Ended

Jun. 30, 2024

6. Note Payable and Interest Payable

On June 18, 2021, the Company entered into a promissory note with an investor of the Company. Under the terms of the promissory note, the Company borrowed $270,000 at 7% at annual, simple interest and was obligated to pay monthly interest starting July 15, 2021 with the principal balance paid on June 15, 2022. In October 2023, the parties ratified an extension of the maturity date of the note to June 18, 2027. As of June 30, 2024, the balance of the promissory note and interest payable was $270,000 and $47,250, respectively. For the three months ended June 30, 2024 and 2023, the Company incurred interest expense from the promissory note in the amount of $4,725 and $4,725, respectively. For the six months ended June 30, 2024 and 2023, the Company incurred interest expense from the promissory note in the amount of $9,450 and $9,450, respectively.

On November 18, 2021, the Company entered in another promissory note with the same investor. Under the terms of the promissory note, the Company borrowed $60,000 at 7% at annual, simple interest and was obligated to pay monthly interest starting December 15, 2021 with the principal balance paid on November 18, 2022. The note has been renewed with a new due date of November 18, 2025. As of June 30, 2024, the balance of the promissory note was $60,000 and interest payable related to the promissory note was $10,500. For the three months ended June 30, 2024 and 2023, the Company incurred interest expense from the promissory note of $1,050 and $1,050, respectively. For the six months ended June 30, 2024 and 2023, the Company incurred interest expense from the promissory note of $2,100 and $2,100, respectively.

On February 24, 2022, the Company entered in another promissory note with a different investor and member of the Board of Directors of the Company. Under the terms of the promissory note, the Company borrowed $42,000 at 7% at annual, simple interest and was obligated to pay monthly interest starting February 24, 2022 with the principal balance paid on March 15, 2023. The note has been renewed with a new due maturity date of March 15, 2025. As of June 30, 2024, the balance of the promissory note was $42,000 and interest payable related to the promissory note was $5,635. For the three months ended June 30, 2024 and 2023, the Company incurred interest expense from the promissory note of $735 and $735, respectively. For the six months ended June 30, 2024 and 2023, the Company incurred interest expense from the promissory note of $1,470 and $1,470, respectively.

On June 30, 2022, the Company entered in another promissory note with the same investor. Under the terms of the promissory note, the Company borrowed $6,000 at 7% at annual, simple interest and was obligated to pay monthly interest starting August 30, 2022 with the principal balance paid on September 30, 2024. As of June 30, 2024, the balance of the promissory note was $6,000 and interest payable related to the promissory note was $770. For the three months ended June 30, 2024 and 2023, the Company incurred interest expense from the promissory note of $100 and $100, respectively. For the six months ended June 30, 2024 and 2023, the Company incurred interest expense from the promissory note of $210 and $210, respectively.

Gofba, Inc. 10-Q