v3.25.1
NOTE PAYABLE
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Debt Disclosure [Abstract]    
NOTE PAYABLE

NOTE 6 – NOTE PAYABLE

 

On September 30, 2020, Safe-Pro USA entered into a Loan and Authorization Agreement (the “SBA COVID-19 EIDL Loan”) with respect to a loan of $146,000 from the U.S. Small Business Administration (the “SBA”). The SBA deferred the first payment due from 12 months from the date of the promissory note to 30 months from the date of the Note, with a term of 30 years or July 1, 2050. Interest shall accrue at the rate of 3.75% per annum. The SBA Loan is secured by a continuing security interest in and to any and all Safe Pro USA’s tangible and intangible personal property, including, but not limited to inventory, equipment, accounts receivable, and deposit accounts. As of March 31, 2025 and December 31, 2024, accrued interest related to this note amounted to $3,091 and $5,227, respectively, and is included in accrued expenses on the accompanying unaudited condensed consolidated balance sheets.

 

On March 31, 2025 and December 31, 2024, notes payable consisted of the following:

 

   March 31, 2025   December 31, 2024 
         
Notes payable  $146,000   $146,000 
Total notes payable   146,000    146,000 
Less: current portion of notes payable   -    - 
Notes payable – long-term  $146,000   $146,000 

 

 

SAFE PRO GROUP INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024
(unaudited)

 

The following schedule provides minimum future note payable principal payments required during future periods:

 

Year ending December 31:  Amount 
2025  $- 
2026   2,535 
2027   3,219 
2028   3,342 
2029   3,469 
2030   3,602 
Thereafter   129,833 
Total note payable  $146,000 

 

NOTE 8 – NOTE PAYABLE

 

On June 30, 2020, Safe-Pro USA entered into a Loan and Authorization Agreement (the “SBA COVID-19 EIDL Loan”) with respect to a loan of $146,000 from the U.S. Small Business Administration (the “SBA”). Initially, the SBA COVID 19 EIDL Loan was due in monthly instalment payments, including principal and interest, of $712, beginning 12 months from the date of the promissory Note. Subsequently, through several loan payment deferrals, the SBA deferred the first payment due from 12 months from the date of the promissory note to 30 months from the date of the Note. The balance of principal and interest will be payable 30 years from the date of the promissory Note, or July 1, 2050. Interest shall accrue at the rate of 3.75% per annum and will accrue only on funds advanced from the date(s) of each advance. Each payment will be applied first to interest accrued to the date of receipt of each payment, and the balance, if any, will be applied to principal balance. In January 2023, Safe-Pro USA began paying monthly interest payments of $712. The SBA Loan is secured by a continuing security interest in and to any and all “Collateral” as described in the SBA COVID-19 EIDL Loan, including all Safe Pro USA’s tangible and intangible personal property, including, but not limited to inventory, equipment, accounts receivable, and deposit accounts. As of December 31, 2024 and 2023, accrued interest related to this note amounted to $5,227 and $7,598, respectively, and is included in accrued expenses on the accompanying consolidated balance sheets.

 

On June 17, 2024, the Company entered into a promissory note with an investor for $110,000. On July 11, 2024, the Company entered into a promissory note with an investor for $110,000. On July 17, 2024, the Company entered into an additional promissory note with an investor for $16,500. Each Note bears interest at 8% per annum and is due on the earlier of August 31, 2024 or 5 business days after the Company’s IPO. The Notes were repaid on August 30, 2024.

 

On December 31, 2024 and 2023, note payable consisted of the following:

 

   2024   2023 
   December 31, 
   2024   2023 
         
Notes payable  $146,000   $146,000 
Less: current portion of notes payable   -    - 
Notes payable – long-term  $146,000   $146,000 

 

The following schedule provides minimum future note payable principal payments required during future periods:

 

Year ending December 31:  Amount 
2025  $- 
2026   2,535 
2027   3,219 
2028   3,342 
2029   3,469 
2030   3,602 
Thereafter   129,833 
Total note payable  $146,000 

 

 

SAFE PRO GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023