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Debt Obligations
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt Obligations

Note 11 – 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 accrued at a rate of ten (10%) percent per annum. Principal and interest were payable in monthly installments of $49,275. 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 March 31, 2025 and December 31, 2024 totaled $1,751 and $1,639, 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 bore interest at 8.25% annually and required monthly payments of $3,595. The balance was paid off in December 2024.

 

 

  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 with monthly payments of $656. The balance was paid off in October 2024.

 

  E. Summary

 

Future annual principal payments at March 31, 2025 were as follows:

 

Fiscal Year Ended:    
2025   350,000 
Thereafter   — 
Total  $350,000