XML 30 R19.htm IDEA: XBRL DOCUMENT
v3.25.2

NOTES PAYABLE | 6 Months Ended
--- | ---
Jun. 30, 2025
NOTES PAYABLE |
NOTES PAYABLE | NOTE 12 – NOTES PAYABLE A summary of the Company’s third-party debt as of and for period ended June 30, 2025, and the year ended December 31, 2024 is presented below:
June 30, 2025 |  | Trade Facility |  |  | Third Party |  |  | COVID Loans |  |  | Total |
Beginning balance, December 31, 2024 |  | $ | 1,397,385 |  |  |  | 2,557,023 |  |  |  | 154,505 |  |  |  | 4,108,913 |
Proceeds |  |  | - |  |  |  | 1,348,900 |  |  |  | - |  |  |  | 1,348,900 |
Payments |  |  | (235,400 | ) |  |  | (551,218 | ) |  |  | (5,517 | ) |  |  | (792,135 | )
Recapitalization of debt |  |  | - |  |  |  | (18,419 | ) |  |  | - |  |  |  | (18,419 |
Foreign currency translation |  |  | 191,565 |  |  |  | 350,644 |  |  |  | 19,456 |  |  |  | 561,665 |
Ending balance, June 30, 2025 |  |  | 1,353,550 |  |  |  | 3,686,930 |  |  |  | 168,444 |  |  |  | 5,208,924 |
Notes payable - long-term |  |  | - |  |  |  | (1,922,344 | ) |  |  | (131,513 | ) |  |  | (2,053,857 | )
Notes payable - short-term |  | $ | 1,353,550 |  |  |  | 1,764,586 |  |  |  | 36,931 |  |  |  | 3,155,067 |
December 31, 2024 |  | Trade Facility |  |  | Third Party |  |  | COVID Loans |  |  | Total |
Beginning balance, December 31, 2023 |  | $ | 1,908,195 |  |  |  | 2,511,148 |  |  |  | 186,884 |  |  |  | 4,606,227 |
Proceeds |  |  | - |  |  |  | 828,080 |  |  |  | - |  |  |  | 828,080 |
Payments |  |  | (388,163 | ) |  |  | (634,653 | ) |  |  | (22,806 | ) |  |  | (1,045,622 | )
Foreign currency translation |  |  | (122,647 | ) |  |  | (147,552 | ) |  |  | (9,573 | ) |  |  | (279,772 | )
Ending balance, December 31, 2024 |  |  | 1,397,385 |  |  |  | 2,557,023 |  |  |  | 154,505 |  |  |  | 4,108,913 |
Notes payable – long-term |  |  | - |  |  |  | (1,437,798 | ) |  |  | (122,635 | ) |  |  | (1,560,433 | )
Notes payable - short-term |  | $ | 1,397,385 |  |  |  | 1,119,225 |  |  |  | 31,870 |  |  |  | 2,548,480 |
Our outstanding debt as of June 30, 2025 is repayable as follows:
|  | June 30, 2025 |
2026 |  | $ | 3,136,647 |
2027 |  |  | 856,768 |
2028 |  |  | 632,699 |
2029 |  |  | 352,732 |
2030 and thereafter |  |  | 211,659 |
Total debt |  |  | 5,190,505 |
Less: notes payable - current portion |  |  | (3,155,067 | )
Recapitalization of debt |  |  | 18,419 |
Notes payable - long term portion |  | $ | 2,053,857 |
Trade Facility Agreements On May 12, 2017, SkyPharm entered into a Trade Finance Facility Agreement (the “TFF”) with Synthesis Structured Commodity Trade Finance Limited (the “Lender”) as amended on November 16, 2017, and May 16, 2018. During the six-month period ended June 30, 2025, the Company made principal repayments totaling €200,000 (approximately $235,400). As of June 30, 2025, the Company had an outstanding principal balance of €1,150,000 ($1,353,550), which is fully classified as “Notes Payable” in the Company’s consolidated balance sheets. June 23, 2020 Debt Agreement On June 23, 2020, the Company’s subsidiary, Cosmofarm, entered into an agreement with the National Bank of Greece S.A. (the “Bank”) to borrow a maximum of €500,000 ($611,500). The outstanding balance was €29,412 ($34,618) and €88,235 ($91,232) as of June 30, 2025 and December 31, 2024, respectively, of which $34,618 and $91,232 was classified as “Notes payable” respectively, on the accompanying consolidated balance sheets. During the six-month period ended June 30, 2025, the Company repaid €58,824 ($69,235) of the principal balance. November 19, 2020 Debt Agreement On November 19, 2020, the Company entered into an agreement with a third-party lender in the principal amount of €500,000 ($611,500). During the six-month period ended June 30, 2025 the Company repaid €55,556 ($65,389) of the principal and as of June 30, 2025 the Company has accrued interest of €5,375($6,326) related to this note and a principal balance of €55,556 ($65,389), all of which is classified as “Notes payable” on the accompanying consolidated balance sheets. July 30, 2021 Debt Agreement On July 30, 2021, the Company entered into an agreement with a third-party lender in the principal amount of €500,000 ($578,850). During the isx-month period ended June 30, 2025, the Company repaid €57,279 ($67,417) of the principal. As of June 30, 2025 the Company had accrued interest of €16,727 ($19,688), principal of €149,064 ($175,448), of which $37,786 is classified as “Notes payable – long term portion” on the accompanying consolidated balance sheets. June 9, 2022 Debt Agreement On June 9, 2022 the Company entered into an agreement with a third-party lender in the principal amount of €320,000 ($335,008), the “Note”. During the six-month period ended June 30, 2025 the Company repaid €40,000 ($47,080) of the principal. As of June 30, 2025 and December 31, 2024 the Company has accrued interest of €2,316 ($2,726) and €8,352 ($8,645), respectively, and an outstanding balance of €140,000 ($164,780) and €180,000 ($186,318), respectively, of which $68,061 and $103,510, are classified as “Notes payable – long term portion” on the accompanying consolidated balance sheets. July 14, 2023 Debt Agreement On July 14, 2023, the Company entered into an agreement with a third-party lender in the principal amount of €1,000,000 ($1,123,700), the “Note”. During the six-month period ended June 30, 2025 the Company repaid €108,633 ($127,861) of the principal. As of June 30, 2025 and December 31, 2024 the Company has accrued interest of €6,083 ($7,160) and €16,735 ($17,322), respectively, and an outstanding balance of €706,117 ($831,099) and €814,750 ($843,348), of which $569,511 and $618,616, respectively, are classified as “Notes payable – long term portion” on the accompanying consolidated balance sheets. Cloudscreen Promissory Note On January 23, 2024, the Company completed the acquisition of Cloudscreen, a cutting-edge Artificial Intelligence (AI) powered platform. The total purchase price amounted to $637,080 and consisted of 280,000 shares of common stock with a fair value of $319,200 and an amount of $317,880 to be settled in cash during 2024 based on the Promissory Note signed on October 10, 2023. During the six-month period ended June 30, 2025 the Company repaid $22,421 of the principal. As of June 30, 2025, and December 31, 2024, the Company had an outstanding balance of $294,250 and $279,348 all of which is classified as “Notes payable” on the accompanying consolidated balance sheets. July 29, 2024 Debt Agreement On July 29, 2024 the Company entered into an agreement with a third-party lender in the principal amount of €400,000 ($432,760), the “Note”. During the six-month period ended June 30, 2025, the Company repaid principal of €22,222($26,156). As of June 30, 2025, and December 31, 2024 the Company had an outstanding balance of €377,778 ($444,644) and €400,000 ($414,040), of which $340,022 and $345,033 is classified as “Notes payable - long term portion” on the accompanying consolidated balance sheets. December 20, 2024 Debt Agreement On December 20, 2024 the Company entered into an agreement with a third-party lender in the principal amount of €400,000 ($414,040), the “Note”. During the six-month period ended June 30, 2025, the Company repaid principal of €66,667($78,467). As of June 30, 2025, and December 31, 2024 the Company has accrued interest of €1,641 ($1,932) and €794 ($821), respectively, and an outstanding balance of €333,333 ($392,333) and €400,000 ($414,040), of which $247,843 and $276,027 is classified as “Notes payable - long term portion” on the accompanying consolidated balance sheets. January 27, 2025 Debt Agreement On January 27, 2025, the Company entered into a bond loan agreement with Attica Bank, providing for maximum borrowings of up to €2,200,000 ($2,357,120). Under the terms of the facility, the Company received initial proceeds of €700,000 ($749,600), which were classified as Notes Payable in the Company’s consolidated financial statements. The remaining borrowing capacity of €1,500,000 ($1,619,400) is available to the Company on a revolving basis, subject to the provision of qualifying checks receivable as collateral. These subsequent drawdowns are classified as Lines of Credit due to their secured and contingent nature. The facility bears interest at a floating rate of 2.95% plus the applicable 6-month Euribor (2.331% as of June 30, 2025). The Note Payable portion of the facility is to be repaid in 10 equal semiannual installments of €70,000 commencing on July 27, 2026. During the 3-month period ended June 30, 2025, the Company repaid no principal. As of June 30, 2025, and December 31, 2024 the Company has accrued interest of €12,091($14,231) and €0 ($0), respectively, and an outstanding balance of €700,000 ($755,720) and €0 ($0), of which $659,120 and $0 is classified as “Notes payable - long term portion” on the accompanying consolidated balance sheets. COVID-19 Loans On May 12, 2020, the Company’s wholly owned subsidiary, SkyPharm SA, was granted a loan from the Greek government in the amount of €300,000 (approximately $366,900). During the six-month period ended June 30, 2025, an additional principal repayment of €4,688 (approximately $5,061) was made. As of June 30, 2025, and December 31, 2024 the Company has an outstanding balance of €98,438 ($115,861) and €103,125 ($106,745), of which $86,031 and $87,337 is classified as “Notes payable - long term portion” on the accompanying consolidated balance sheets. On June 24, 2020, the Company’s subsidiary, Decahedron, received a loan £50,000 ($68,310) from the UK government. As of June 30, 2025, and December 31, 2024 the Company has an outstanding balance of £38,320 ($52,583) and £ 38,144 ($47,761), of which $34,329 and $43,239 is classified as “Notes payable - long term portion” on the accompanying consolidated balance sheets. None of the above loans were made by any related parties.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration