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LOANS FROM FINANCIAL INSTITUTIONS | 12 Months Ended
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Dec. 31, 2024
Loans From Financial Institutions |
LOANS FROM FINANCIAL INSTITUTIONS |
9. | LOANS FROM FINANCIAL INSTITUTIONS
SCHEDULE OF LOANS FROM FINANCIAL INSTITUTIONS
|  | Factoring loan |  |  | PO Financing Loan |  |  | Jan 29, 2024 Loan |  |  | April 30, 2024 Loan |  |  | September 4, 2024 Loan |  |  | December 2, 2024 Ballon Loan |  |  | December 2, 2024 Monthly Loan |  |  | Total |
Opening Balance January 1, 2023 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Change in factoring for the period |  |  | 89,298 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 89,298 |
New loan advances |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |
Loan repayments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |
Closing Balance December 31, 2023 |  |  | 89,298 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 89,298 |
Opening Balance January 1, 2024 |  |  | 89,298 |  |  |  |  |  |  |  | - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 89,298 |
Balance |  |  | 89,298 |  |  |  |  |  |  |  | - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 89,298 |
Change in factoring for the period |  |  | 647,860 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 647,860 |
New loan advances |  |  |  |  |  |  | 920,041 |  |  |  | 200,000 |  |  |  | 125,000 |  |  |  | 200,000 |  |  |  | 100,000 |  |  |  | 50,000 |  |  |  | 1,595,041 |
Loan repayments |  |  |  |  |  |  |  |  |  |  | (258,440 | ) |  |  | (133,599 | ) |  |  |  |  |  |  |  |  |  |  | (6,866 | ) |  |  | (398,905 | )
Interest included in repayments |  |  |  |  |  |  |  |  |  |  | 58,440 |  |  |  | 39,519 |  |  |  |  |  |  |  |  |  |  |  | 3,113 |  |  |  | 101,072 |
Accrued interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 38,432 |  |  |  | 4,492 |  |  |  |  |  |  |  | 42,924 |
Closing Balance December 31, 2024 |  |  | 737,158 |  |  |  | 920,041 |  |  |  | - |  |  |  | 30,920 |  |  |  | 200,000 |  |  |  | 100,000 |  |  |  | 46,247 |  |  |  | 2,077,290 |
Balance |  |  | 737,158 |  |  |  | 920,041 |  |  |  | - |  |  |  | 30,920 |  |  |  | 200,000 |  |  |  | 100,000 |  |  |  | 46,247 |  |  |  | 2,077,290 |
| (a) | On January 29, 2024, the Company entered into a securities purchase agreement (the “January Purchase Agreement”) with an institutional investor pursuant to which the Company issued an unsecured promissory note in the principal amount of $230,750, with a stated maturity date of November 15, 2024. The gross proceeds to the Company from the exercise totaled approximately $195,000, prior to deducting legal and diligence expenses and agent fees/expenses. The Note’s interest of 5.48% monthly and outstanding principal shall be paid in ten consecutive monthly payments, each in the amount of $25,844 (a total payback of $258,440) commencing on February 15, 2024. The loan was fully repaid prior to the year end. On April 30, 2024, the Company entered into a securities purchase agreement with an institutional investor where the Company issued an unsecured promissory note in the principal amount of $150,150, with a stated maturity date of February 28, 2025. The Note’s interest of 5.79% monthly and outstanding principal shall be paid in ten consecutive monthly payments commencing on May 30, 2024, each in the amount of $16,817 (a total payback of combined principal and interest in the amount of $168,169). The outstanding balance of the note at December 31, 2024 was $30,920. On September 4, 2024, the Company entered into a securities purchase agreement with an institutional investor where the Company issued an unsecured promissory note in the principal amount of $200,000, with a stated maturity date of June 28, 2025. The Note’s interest of 4.49% monthly and outstanding principal shall be paid in one payment of $175,542 on February 28, 2025 and then consecutive monthly payments commencing on March 28, 2025 for 4 consecutive months of $23,630.78 per month (a total payback of combined principal and interest in the amount of $270,065). The balance of this promissory note as of December 31, 2024 was $238,432 including accrued interest of $38,432.
| (b) | On December 2, 2024, the Company entered into a securities purchase agreement with an institutional investor where the Company issued an unsecured promissory note in the principal amount of $100,000, with a stated maturity date of September 30, 2025. The Note’s interest of 4.49% monthly and outstanding principal shall be paid in one payment of $87,771.42 on May 30, 2025 and then consecutive monthly payments commencing on June 30, 2025 for 4 consecutive months of $11,815.39 per month (a total payback of combined principal and interest in the amount of $135,033. The balance of this promissory note as of December 31, 2024 was $104,492 including accrued interest of $4,492.
| (c) | On December 2, 2024. the Company entered into a securities purchase agreement with an institutional investor where the Company issued an unsecured promissory note in the principal amount of $50,000, with a stated maturity date of September 30, 2025. The Note’s interest of 6.22% monthly and outstanding principal shall be paid in ten consecutive monthly payments commencing on December 30, 2024, each in the amount of $6,865.60 for a total payback of combined principal and interest in the amount of $68,656.00. The balance of this promissory note as of December 31, 2024 was $46,246 including accrued interest of $3,112.
| (d) | The Company also has a purchase order financing line of credit in the amount of $2,000,000. This line of credit is used to allow the Company to issue, through this financial institution, a letter of credit to their foreign contract manufacturers to finance product manufacturing. As of December 31, 2024, the outstanding balance of letters of credit outstanding is $NIL with a set-up fee in a sum equal to 2.00% monthly of the aggregate of face amounts of all letters of credit. Since this is a contingent liability until the production is completed, this is only included as commitment and contingencies and is not recorded as a liability on the balance sheet at December 31, 2024. The outstanding balance of letters of credit that have been funded and are still outstanding at December 31, 2024 is $920,041 and are included in the loans to financial institutions liability at December 31, 2024 (2023-NIL). The PO financing loans are guaranteed by both the CEO and CFO of the Company.
| (e) | Factoring agreement (See Note 4)
Siyata Mobile Inc. Notes to the Consolidated Financial Statements (Expressed in US dollars) As at and for the years ended December 31, 2024 and 2023

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