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COVID Loans

3 Months Ended

Mar. 31, 2024

Note 4 – COVID Loans

In connection with the senseFly Acquisition, the Company assumed the obligations for two COVID Loans originally made by the SBA to senseFly S.A. on July 27, 2020 (“senseFly COVID Loans”). As of senseFly Acquisition Date, the fair value of the COVID Loan was $1,440,046 (“senseFly COVID Loans”). For the three months ended March 31, 2024 and 2023, senseFly S.A. made the required payments on the senseFly COVID Loans, including principal and accrued interest, aggregating $160,514 and $44,598, respectively. As of March 31, 2024, the Company’s outstanding obligations under the senseFly COVID Loans are $665,225.On August 25, 2023, the Company modified one (1) of its existing agreements to extend the repayment period of the COVID Loan from a maturity date of December 2023 to June 2025. The other COVID loan remains unchanged.

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023
(UNAUDITED)

Note 4 – COVID Loans-Continued

As of March 31, 2024, scheduled principal payments due under the senseFly COVID Loans are as follows:


Year ending December 31,
2024 (rest of year)	$	209,713
2025		181,995
2026		91,180
2027		182,337
Total	$	665,225