| Schedule of Shareholder Loans |
|
The Company’s
loans payable – related parties consisted of the following:
| October 2023 | |
$ | 199,000 | |
| December 2023 | |
| 424,000 | |
| January 2024 | |
| 25,000 | |
| February 2024 | |
| 188,000 | |
| March 2024 | |
| 80,000 | |
| April 2024 | |
| 31,000 | |
| May 2024 | |
| 100,000 | |
| June 2024 | |
| 120,500 | |
| July 2024 | |
| 59,000 | |
| August 2024 | |
| 58,000 | |
| September 2024 | |
| 69,139 | |
| Total Shareholder 2024 Loans | |
$ | 1,353,639 | |
|
| Schedule of Loans Payable – Related Parties |
The Company’s loans payable – related parties consisted
of the following:
| | |
December 31, | | |
September 30, | | |
September 30, | |
| | |
2024 | | |
2024 | | |
2023 | |
| September 2023 Loan | |
— | | |
— | | |
270,000 | |
| Shareholder 2024 Loans | |
| 1,353,639 | | |
| 1,353,639 | | |
| — | |
| July 2024 Loan | |
| 213,349 | | |
| 1,213,349 | | |
| — | |
| Total | |
| 1,566,988 | | |
| 2,566,988 | | |
$ | 270,000 | |
| Less: loans payable – related parties, current portion | |
| (619,440 | ) | |
| (1,627,294 | ) | |
| — | |
| Loans payable – related parties, net of current portion | |
$ | 947,548 | | |
$ | 939,694 | | |
$ | 270,000 | |
|
Consisting of the above-mentioned loans, the Company’s
loans payable – related parties is summarized as follows:
| | |
September 30, | | |
December 31, | |
| | |
2025 | | |
2024 | |
| Shareholder 2024 Loans | |
$ | 1,353,639 | | |
$ | 1,353,639 | |
| July 2024 Loan | |
| 1,213,349 | | |
| 1,213,349 | |
| | |
| 2,566,988 | | |
| 2,566,988 | |
| Less: repayments to date | |
| (1,000,000 | ) | |
| (1,000,000 | ) |
| Loans payable – related parties, current and noncurrent | |
$ | 1,566,988 | | |
$ | 1,566,988 | |
|
| Schedule of Maturity of Loans Payable – Related Parties |
The loans payable – related parties mature
as follows:
| For the Year Ending December 31: | |
| |
| 2025 | |
$ | 619,440 | |
| 2026 | |
| 947,548 | |
| | |
$ | 1,566,988 | |
|
The loans payable – related parties mature
as follows:
| For the Period Ending: | |
| |
| June 30, 2024 | |
$ | 619,440 | |
| June 30, 2026 | |
| 947,548 | |
| | |
$ | 1,566,988 | |
|
| Schedule of Promissory Notes |
During the year ended September 30, 2024, the
Company issued promissory notes in the aggregate principal of $1,105,639 and $248,000 to a shareholder and to an entity managed by that
shareholder, respectively, (collectively, the “Shareholder 2024 Loans”), in consideration of cash proceeds in the same amount
in the following tranches:
| October 2023 | |
$ | 199,000 | |
| December 2023 | |
| 424,000 | |
| January 2024 | |
| 25,000 | |
| February 2024 | |
| 188,000 | |
| March 2024 | |
| 80,000 | |
| April 2024 | |
| 31,000 | |
| May 2024 | |
| 100,000 | |
| June 2024 | |
| 120,500 | |
| July 2024 | |
| 59,000 | |
| August 2024 | |
| 58,000 | |
| September 2024 | |
| 69,139 | |
| Total | |
$ | 1,353,639 | |
|
|