| SUMMARY OF NOTES PAYABLE |
Related
Party Notes Payable consists of:
SUMMARY OF NOTES PAYABLE
| | |
December
31, 2025 | | |
December
31, 2024 | |
| | |
| | |
| |
| On June 25, 2018 the Company issued promissory notes to Peter Zachariou for $30,000. The notes bear interest at 10% per annum and are payable on the earlier of one year or five days following the delivery of written demand for payment by the Payee. The note was extended for another twelve months on its due date to June 25, 2026 or on demand by the Payee. | |
$ | 30,000 | | |
$ | 30,000 | |
| Between March 26, 2018 and November 17, 2022 the Company issued fifteen promissory notes to Fountainhead Capital Management Limited for $463,373. The notes bear interest at 10% per annum and are payable on the earlier of one year or five days following the delivery of written demand for payment by the Payee. All of the notes have been extended on their due dates for another twelve months. The Notes will be due between April 2026 and March 2027 or on demand by the Payee. | |
| 463,373 | | |
| 463,373 | |
| Total Related Party Notes Payable | |
$ | 493,373 | | |
$ | 493,373 | |
Other
Notes Payable consists of:
| | |
December
31, 2025 | | |
December
31, 2024 | |
| On March 25, 2011 the Company issued a term note for $300,000
to EuroAmerican Investment Corp. (“EuroAmerican”). The term note bears interest at 16%
per annum and was due June 25, 2011, and has been extended on a number of occasions the most recent extension being to June
30, 2026. See further note (*) below. | |
$ | 300,000 | | |
$ | 300,000 | |
| Insurance policy finance agreements (**)
and current portion of EIDL Loan (see Long-Term Notes Payable below) | |
| 26,978 | | |
| 24,185 | |
| Total Other Notes Payable | |
$ | 326,978 | | |
$ | 324,185 | |
Long-Term
Notes Payable consists of:
| | |
December
31, 2025 | | |
December
31, 2024 | |
| On July 7, 2020, the Company was granted a $150,000 loan under the Economic Injury Disaster Loan Program pursuant to the Coronavirus Aid, Relief and Economic Security (CARES) Act (“Loan”). The Loan, evidenced by a promissory note dated July 7, 2020, has a term of thirty (30) years, bears interest at a fixed rate of three and three-quarters percent (3.75%) per annum, with monthly payments in the amount of $731 per month commencing July 7, 2021 and is secured by essentially all of the assets of the Company. The proceeds of the Loan have been used for general working capital purposes to alleviate economic injury caused by disaster occurring in the month of January 2020 and continuing thereafter. | |
$ | 135,831 | | |
$ | 139,436 | |
| | |
| | | |
| | |
| Total Long-term Notes Payable | |
$ | 135,831 | | |
$ | 139,436 | |
| * | On
January 24, 2018 the Company entered into an amendment agreement (the “Amendment”)
with EuroAmerican Investments (“EuroAmerican”) regarding its $300,000 loan note
(the “Note”). Under the Amendment, the Note was extended and the conversion terms
of the Note were reduced to $0.21. Conversion of the Note and accrued interest would result
in the issuance of 4,138,239 shares of Common Stock as of December 31, 2025. Notwithstanding,
EuroAmerican agreed that the Note could not be converted without first offering the Company
the right to redeem the Note at principal and accrued interest, and secondly Fountainhead
the right to purchase the Note, which cannot be converted prior to such offer and the failure
of the Company and Fountainhead to exercise such option in accordance with the amendment
terms. The amendment was recognized as a modification, based on the guidance in ASC 470-50.
No other term was amended on the Note. |
| ** | The
Company routinely finances all their insurance policies through a third-party finance company
which requires a down payment and subsequent monthly payments, the time periods vary from
10 months to 12 equal monthly payments. |
|