Quarterly report [Sections 13 or 15(d)]

NOTES PAYABLE

v3.26.1
NOTES PAYABLE
 3 Months Ended
Mar. 31, 2026
Defined Benefit Plan Disclosure [Line Items]  
NOTES PAYABLE

NOTE 3 – NOTES PAYABLE, RELATED PARTY

 

During 2023, the Company’s Chief Executive Officer made three loans to the Company for aggregate principal amount of $260 pursuant to terms of the note agreements. During 2025, the Company’s Chief Executive Officer made three additional loans to the Company for aggregate principal amount of $330 pursuant to terms of the note agreements. The notes have relatively similar terms, are unsecured, and accrue interest at 3.5% per annum. As of March 31, 2026, the aggregate outstanding balance of the loans including accrued interest is $611, with $166 due in April 2026, $172 due in May 2026, $71 due in August 2026, $71 due in September 2026, and $131 due in October 2026.

 
Nonrelated Party [Member]  
Defined Benefit Plan Disclosure [Line Items]  
NOTES PAYABLE

NOTE 5 – NOTES PAYABLE

 

On December 23 2025, the Company entered into the WWCM Loan Agreement with WWCM, pursuant to which the Company borrowed net proceeds of $399, after deducting fees as outlined in the WWCM Loan Agreement.

 

The loan amount is $500, with a loan origination fee of $20, providing for an advance amount of $480. The loan is to be paid in 48 weekly payments of $13 with the first six payments paid in advance and deducted from the initial funding. Net proceeds of $399 were received by the Company on December 26, 2025. The total repayment obligation to the Company is $640 resulting in an effective rate of approximately 34%. As of March 31, 2026, the outstanding loan balance including interest and fees is $365.