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

Note 7– Notes Payable

 

The Company entered into an SBA loan during 2020 with a principal amount of $50,700. The note bears interest at a rate of 3.75% per annum. The SBA announced extended deferment periods for all COVID-19 and other disaster loans until 2022. As such, repayment of the Company’s SBA loan did not begin until November 2022. Subsequently interest only payments have been made per the loan agreement. The loan is secured by the assets of the Company.

 

Loan Maturity: 

    
For the Year  Loan Maturity Amount 
2025  $2,277 
2026   1,204 
2027   1,220 
2028   1,298 
2029   1,347 
Thereafter   43,324 
Total  $50,700 

 

Note 7– Notes Payable

 

The Company entered into an SBA loan during 2020 with a principal amount of $50,700. The note bears interest at a rate of 3.75% per annum. The SBA announced extended deferment periods for all COVID-19 and other disaster loans until 2022. As such, repayment of the Company’s SBA loan did not begin until November 2022. Subsequently interest only payments have been made per the loan agreement. The loan is secured by the assets of the Company.

 

Loan Maturity: 

     
For the Year   Loan Maturity Amount 
2025   $2,277 
2026    1,204 
2027    1,250 
2028    1,298 
2029    1,347 
Thereafter    43,324 
Total   $50,700