v3.25.2
Schedule of Future Amortization of Loans Payable (Details)
Jun. 30, 2025
USD ($)
2025 (6 months) $ 33,611.56
2026 15,484.32
2027 12,093.25
2028 13,649.11
Thereafter 5,455.33
Total Note Payments 80,294
Total Loan Payments 80,294
Current Portion of Loan Payable (38,808)
Non-Current Portion of Loan Payable 41,486
Mercedes Benz [Member]  
2025 (6 months) 2,792 [1]
2026 [1]
2027 [1]
Thereafter [1]
Total Note Payments 2,792 [1]
Total Loan Payments 2,792 [1]
Current Portion of Loan Payable (2,792) [1]
Non-Current Portion of Loan Payable 0 [1]
Navitas 2021 BLU3 [Member]  
2025 (6 months) 9,255 [2]
2026 4,769 [2]
Thereafter [2]
Total Note Payments 14,025 [2]
Total Loan Payments 14,025 [2]
Current Portion of Loan Payable (9,255) [2]
Non-Current Portion of Loan Payable 4,769 [2]
NFS SSI [Member]  
2025 (6 months) 4,555 [3]
2026 [3]
2027 [3]
Thereafter [3]
Total Note Payments 4,555 [3]
Total Loan Payments 4,555 [3]
Current Portion of Loan Payable (4,555) [3]
Non-Current Portion of Loan Payable [3]
Navitas 2022 BLU3 [Member]  
2025 (6 months) 12,119 [4]
Total Note Payments 12,119 [4]
Total Loan Payments 12,119 [4]
Current Portion of Loan Payable (12,119) [4]
Non-Current Portion of Loan Payable 0 [4]
Navitas 2024 BLU3 One [Member]  
2025 (6 months) 2,884 [5]
2026 6,304 [5]
2027 7,091 [5]
2028 7,977 [5]
Thereafter 708 [5]
Total Note Payments 24,965 [5]
Total Loan Payments 24,965 [5]
Current Portion of Loan Payable (5,944) [5]
Non-Current Portion of Loan Payable 19,022 [5]
Navitas 2024 BTL [Member]  
2025 (6 months) 2,006
2026 4,411
2027 5,002
2028 5,672
Thereafter 4,747
Total Note Payments 21,838
Total Loan Payments 21,838
Current Portion of Loan Payable (4,142)
Non-Current Portion of Loan Payable $ 17,696
[1] On August 21, 2020, the Company executed an installment sales contract with Mercedes Benz Coconut Creek for the purchase of a 2019 Mercedes Benz Sprinter delivery van. The installment agreement is for $55,841 with a zero interest rate payable over 60 months with a monthly payment of $931 and is personally guaranteed by Mr. Carmichael. The loan balance as of June 30, 2025 was $2,792 and $8,376 as of December 31, 2024.
[2] On May 19, 2021, BLU3 executed an equipment finance agreement with Navitas Credit Corp. (“Navitas”) to finance the purchase of certain plastic molding equipment. The amount financed is $75,764 payable over 60 equal monthly installments of $1,611. The equipment finance agreement contains customary events of default. The loan balance as of June 30, 2025 was $14,025 and $22,915 as of December 31, 2024.
[3] On June 29, 2022, SSI executed an equipment financing agreement with NFS Leasing (“NFS Leasing”) to secure replacement production molds. The total purchase price of the molds was $84,500 of which $63,375 was financed by NFS Leasing on August 15, 2022. The financing agreement has a 33 month term beginning in August 2022 with a monthly payment of $2,571. The financing agreement contains customary events of default, is guaranteed by the Company and NFS Leasing has a lien on all of the assets of SSI. The loan balance as of June 30, 2025 and December 31, 2023 was $0 and $14,692, respectively.
[4] On December 12, 2022, BLU3 executed an equipment finance agreement to finance the purchase of certain plastic molding equipment through Navitas. The amount financed is $63,689 payable over 36 equal monthly installments of $2,083. The equipment finance agreement contains customary events of default. The loan balance as of June 30, 2025 was $14,075 and $25,465 as of December 31, 2024.
[5] On February 12, 2024, BLU3 executed an inventory finance agreement to finance the purchase of certain equipment stock through Navitas. The amount financed is $32,274 payable over 60 equal monthly installments of $715. The inventory finance agreement contains customary events of default. The loan balance as of June 30, 2025 was $25,430 and $28,123 as of December 31, 2024..