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Notes Payable to Related Parties
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Notes Payable to Related Parties

Note 7 – Notes Payable to Related Parties

 

SemiCab Holdings assumed several unsecured loans from Ajesh Kapoor and Vivek Sehgal in the acquisition of SemiCab, Inc.’s business. The Company incurred interest expense on these loans of $15,000 and $46,000 for the three and nine months ended September 30, 2025, respectively. The Company did not have any accrued interest payable as of September 30, 2025.

 

The terms of each loan are summarized in the table below:

  

   Issue  Maturity     Interest     
Note Holder  Date  Date  Status  Rate   Principal 
Ajesh Kapoor  7/10/2021  7/10/2026  Current   9%  $150,000 
Ajesh Kapoor  8/27/2021  8/26/2026  Current   9%   235,000 
Vivek Sehgal  4/17/2023  2/1/2026  Current   10%   50,000 
Ajesh Kapoor  5/5/2023  2/1/2026  Current   10%   50,000 
Ajesh Kapoor  5/17/2023  2/1/2026  Current   10%   165,000 
                    
Balance as of September 30, 2025                $650,000 
                    
Less: current portion of notes payable to related parties                 650,000 
                    
Notes payable to related parties, net of current portion                $- 

 

As of December 31, 2024, the loans described above that were issued between April 17, 2023 and May 17, 2023 were in default. Subsequent to December 31, 2024, the Company entered into waivers and amendments with each of the note holders who are parties to those loans to extend the maturity dates of the loans to February 1, 2026. Additional information about these loans is presented in Note 20 – Subsequent Events.

 

 

On February 18, 2025, the Company issued a promissory note to each of Stingray Group and Regalia Ventures in the amount of $286,000 and $472,000, respectively. A discussion of these transactions and the terms of the promissory notes is set forth herein in Note 12 – Securities Transactions.

 

On May 2, 2025, the Company and SemiCab Holdings acquired 99.99% of the equity shares of SMCB from SemiCab, Inc. pursuant to which, in part, the Company issued a promissory note to SemiCab, Inc. in the principal amount of $1,750,000. A discussion of this transaction and the terms of the promissory note is set forth herein in Note 18 – Acquisition of SMCB.