v3.25.2
Other Loans Payable
6 Months Ended
Jun. 30, 2025
Other Liabilities Disclosure [Abstract]  
Other Loans Payable

Note 6: Other Loans Payable

 

On February 2, 2021, the company entered into a short-term loan agreement in the amount of $50,000 at an annual interest rate of 5% and due February 1, 2022. It was agreed to extend the due date to February 2, 2023. By mutual agreement, the note was extended for an additional term of six months and therefore would expire August 2, 2023. The terms and conditions remained the same except for a change in the interest rate from 5% to 12%. During Q2, 2023, the principal portion of this loan was repaid leaving only accrued interest owing in the amount of $6,694. As of June 30, 2025, this accrued interest remains outstanding.