NOTES PAYABLE |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Debt Disclosure [Abstract] | |
| NOTES PAYABLE | Note 10. NOTES PAYABLE
Vehicles Notes Payable
On January 10, 2025, the Company entered into a second Finance Agreement to purchase a 2024 Toyota Corolla for $33,517 with a maturity date of January 18, 2031. The loan bears fixed interest at a rate of 11.65% per annum, with monthly payments of $651, which is comprised of principal and interest. This loan is collateralized by the underlying vehicle. The balance of this loan as of June 30, 2025, was $31,876. The current portion of the balance of this loan as of June 30, 2025 was $4,330.
On March 18, 2024, the Company entered into a Finance Agreement to purchase a 2024 Toyota Corolla for $33,620 with a maturity date of February 18, 2030. The loan bears fixed interest at a rate of 5.99% per annum, with monthly payments of $467, which is comprised of principal and interest. This loan is collateralized by the underlying vehicle. The balance of this loan as of June 30, 2025, and December 31, 2024, was $22,765 and $24,849, respectively. The current portion of the balance of this loan as of June 30, 2025, and December 31, 2024, was $4,359 and $5,603, respectively.
Directors and Officers Insurance Policy – 2024
In September 2024, the Company obtained short-term financing of approximately $260,000 with 11 monthly payments of approximately $24,000 and interest at a 6.7% fixed annual rate for director and officer insurance policies. The current portion of the balance of this loan as of June 30, 2025, and December 31, 2024, was $24,257 and $167,000, respectively.
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