Note Payable - Related Party

9 Months Ended

Sep. 30, 2025

Note Payable – Related Party

The Company entered into a note payable with a related party in August 2021 with balances as of September 30, 2025 and December 31, 2024, as follows:


	September 30, 2025		December 31, 2024
Note payable at 5%, amended to mature on March 31, 2026	$	400,000	$	400,000

On February 16, 2024, the Company entered into a letter agreement to (i) extend the maturity date from December 31, 2024 to August 1, 2025 and (ii) require subsequent monthly principal payments of $50,000 for eight months commencing on the maturity date, with the final payment by March 31, 2026. On August 1, 2025, the Company further extended the maturity date to March 1, 2026, maintaining the $50,000 monthly amortization for eight months beginning in March 2026. All other terms of the note payable remain unchanged. As a result, $350,000 is reflected in current liabilities and $50,000 is reflected in noncurrent liabilities.

Interest expense for the three and nine months ended September 30, 2025, was $5,041 and $14,959, respectively, and $5,027 and $14,973 for the three and nine months ended September 30, 2024, respectively.