Annual report [Section 13 and 15(d), not S-K Item 405]

NOTES PAYABLE

v3.25.1
NOTES PAYABLE
12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
NOTES PAYABLE

Note 10. NOTES PAYABLE

 

Toyota Corolla - 2024

 

On March 18, 2024, the Company entered into a finance agreement to purchase a 2024 Toyota Corolla for $33,620 with a maturity date of February 18, 2030. The loan bears fixed interest at a rate of 5.99% per annum, with monthly payments of $467, which is comprised of principal and interest. This loan is collateralized by the underlying vehicle. The balance of this loan as of December 31, 2024, and 2023 was $24,849 and $0, respectively. The current portion of the balance of this loan as of December 31, 2024, and 2023 was $5,603 and $0, respectively.

 

Directors and Officers Insurance Policy – 2024

 

In September 2024, the Company obtained short-term financing of approximately $0.26 million with 11 monthly payments of approximately $24,000 and interest at a 6.7% fixed annual rate for director and officer insurance policies. The current portion of the balance of this loan as of December 31, 2024, and December 31, 2023, was $167,000 and $0, respectively.