XML 28 R17.htm IDEA: XBRL DOCUMENT v3.24.4
Note 12 – Debt Obligations
 6 Months Ended
Oct. 31, 2024
Debt Disclosure [Abstract]  
Note 12 – Debt Obligations

Note 12 – Debt Obligations

 

  A.  Decathlon Capital

On August 31, 2021, Teal entered into an Amended and Restated Loan and Security Agreement with Decathlon Alpha IV, L.P. (“DA4”) in the amount of $1,670,294 (the “Loan”), representing the outstanding principal amount previously due and owing by Teal to DA4. Interest on the Loan accrues at a rate of ten (10%) percent per annum. Principal and interest is payable in monthly installments of $49,275. The balance outstanding at April 30, 2024 totaled $370,537. The balance was paid off in September 2024.

  

  B.  Pelion Note

In May 2021, Teal entered into a note agreement totaling $350,000 which is payable upon demand. The Note bears interest at the applicable Federal Rate as of the date of the Note which was 0.13% on the date of issuance. Accrued interest at October 31, 2024 and April 30, 2024 totaled $1,563 and $1,334, respectively.

 

  C.  Corporate Equity

Beginning in October 2021, and amended in January 2022, Teal financed a total of $120,000 of leasehold improvements with Corporate Equity, LLC. The loan bears interest at 8.25% annually and requires monthly payments of $3,595 through December 2024. The balance outstanding at October 31, 2024 and April 30, 2024 totaled $6,706 and $27,495 respectively.

  

  D.  Ascentium Capital

In September 2021, Teal entered into a financing agreement with Ascentium Capital to fund the purchase of a fixed asset totaling $24,383. Monthly payments are $656. The balance outstanding at October 31, 2024 and April 30, 2024 totaled $259 and $3,538, respectively.

 

  E.  Summary

 

Future annual principal payments at October 31, 2024 were as follows:

 

  Fiscal Year Ended:   
 2025    356,964 
 Thereafter    —   
 Total   $356,964