XML 29 R18.htm IDEA: XBRL DOCUMENT v3.25.2
Notes Payable
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Notes Payable

Note 11 – Notes Payable

 

Notes payable consists of the following as of June 30, 2025, and December 31, 2024:

  

   June 30,   December 31, 
   2025   2024 
On May 22, 2023, the Company entered into an equipment purchase agreement with EnWave for the purchase of a used 100kW Rev vacuum microwave dehydration machine (the “EnWave Machine”). Cash payments of $500,000 were paid towards the $1,000,000 purchase price on the EnWave Machine, while the $500,000 balance due is to be paid in twelve (12) monthly installments of $44,424, bearing interest 12% per annum, commencing August 1, 2024.  $38,730   $251,647 
           
On May 17, 2020, the Company entered into a loan agreement with the United States Small Business Administration (the “SBA”), as lender, pursuant to the SBA’s Economic Injury Disaster Loan (“EIDL”) assistance program in light of the impact of the COVID-19 pandemic on the Company’s business (the “EIDL Loan Agreement”) encompassing a $34,500 Promissory Note issued to the SBA (the “EIDL Note”) (together with the EIDL Loan Agreement, the “EIDL Loan”), bearing interest at 3.75% per annum. In connection with entering into the EIDL Loan, the Company also executed a security agreement, dated May 17, 2020, between the SBA and the Company pursuant to which the EIDL Loan is secured by a security interest on all of the Company’s assets. Under the EIDL Note, the Company is required to pay principal and interest payments of $169 every month beginning May 17, 2021; however, the SBA extended the repayment date to November 17, 2022. All remaining principal and accrued interest is due and payable on May 17, 2050. The EIDL Note may be repaid at any time without penalty.   34,500    34,500 
           
Total notes payable  $73,230   $286,147 
Less: current maturities   38,730    251,647 
Notes payable, less current maturities  $34,500   $34,500 

 

The Company recognized $9,972 and $903 of interest expense on notes payable for the six months ended June 30, 2025, and 2024, respectively.