| Schedule of Note Payable |
As
of March 31, 2026 and December 31, 2025 notes payable consisted of the following:
Schedule of Note Payable
| | |
March 31, 2026 | | |
December 31, 2025 | |
| | |
| | |
| |
| Secured promissory notes dated November 2018 through September 2024 issued to finance equipment acquisitions which mature from December 2023 through October 2030, and bear interest of 3.12% to 10.99% with principal and interest payments due monthly. | |
$ | 272,981 | | |
$ | 285,666 | |
| Small Business Administration loan which bears interest at 1% with interest payments due monthly. | |
| 11,000 | | |
| 11,000 | |
| Secured promissory note dated May 25, 2023, which matures in May 2028 | |
| 5,685,501 | | |
| 5,840,539 | |
| Secured promissory note dated September 19, 2023, which matures in September 2028 and bears interest of 4% | |
| 4,199,000 | | |
| 4,199,000 | |
| Secured promissory note dated September 20, 2024, which matures on September 19, 2025 and bears interest of 19% | |
| 13,945 | | |
| 27,892 | |
| Secured promissory note dated April 2025, which matures in March 2026 and bears interest of 12% | |
| - | | |
| 65,326 | |
| Secured promissory note dated April 2025, which matures in August 2026 and bears interest of 20% | |
| 308,989 | | |
| 308,989 | |
| Secured promissory note dated May 2025, which matures in April 2027 and bears interest of 16% | |
| 38,390 | | |
| 46,344 | |
| Total Notes payable | |
$ | 10,529,806 | | |
$ | 10,784,756 | |
| Less current portion | |
| (864,557 | ) | |
| (1,001,395 | ) |
| | |
| | | |
| | |
| Total notes payable, net of current | |
$ | 9,665,249 | | |
$ | 9,783,361 | |
|
| Schedule of Reconciliation of Notes Payable |
A
reconciliation of the beginning and ending balances of notes payable for the three months ended March 31, 2026 and year ended December
31, 2025 is as follows:
Schedule of Reconciliation of Notes
Payable
| | |
March 31, 2026 | | |
December 31, 2025 | |
| Balance as of beginning of period | |
$ | 10,784,756 | | |
$ | 10,584,037 | |
| Modification of notes payable and warrants | |
| (217,255 | ) | |
| - | |
| Non-cash note additions | |
| - | | |
| 245,050 | |
| Financed equipment | |
| - | | |
| 433,112 | |
| Financing arrangements | |
| - | | |
| - | |
| Debt discount on notes payable | |
| | | |
| | |
| Amortization of debt discount | |
| 212,217 | | |
| 993,024 | |
| Resale of note payable to related party | |
| - | | |
| (350,000 | ) |
| Interest classified to debt | |
| - | | |
| 89,089 | |
| Conversions and settlement of notes payable | |
| | | |
| | |
| Non-cash note repayment | |
| - | | |
| (50,423 | ) |
| Cash repayments | |
| (249,912 | ) | |
| (1,159,133 | ) |
| Balance as of end of period | |
$ | 10,529,806 | | |
$ | 10,784,756 | |
|