Note 7 – Note Payable

During the year ended December 31, 2024, the Company issued promissory notes (the “Notes”) to certain lenders (the “Lenders”) in the aggregate principal amount for approximately $2.2 million (the “Principal”), for cash proceeds of approximately $1.6 million. The OID of $0.64 million was recorded as interest expense.

The Company has used $2.2 million of the Series G proceeds (see Note 9) to repay the outstanding promissory notes.