Note 7 — Notes Receivable, Related Party

In January 2025, February 2025, March 2025, April 2025 and May 2025 the Company entered into six unsecured promissory notes with the manager of the Company in the amounts of $502,000, $250,000, $620,000, $308,000, $565,201 and $250,000 (the “2025 Related Party Notes”) such that the manager of the Company in his individual capacity could make a foreign direct investment for the benefit of the Company. The 2025 Related Party Notes are non-interest bearing and mature on the earlier of (a) the Closing or (b) December 31, 2025.

For the three and six months ended June 30, 2025 an allowance for credit losses of $407,601 and 1,247,602, respectively, related to all the outstanding notes receivable, related party were included in the accompanying statements of operations. For the three months ended June 30, 2024 and for the period from February 8, 2024 (inception) to June 30, 2024, an allowance for credit losses of $500,000 related to all outstanding notes receivable, related party was included in the accompanying statements of operations.