| NOTES PAYABLE – RELATED PARTY |
Note
2 – Notes Payable – Related Party
NOTES PAYABLE – RELATED PARTY
Notes
payable – related party transactions are summarized for the periods as follows
SCHEDULE OF NOTES PAYABLE
| | |
As
of
March 31, 2026 | | |
As
of
December 31,2025 | |
| Principal | |
| | | |
| | |
| Balance, beginning of the period | |
$ | 1,011,000 | | |
$ | 11,000 | |
| Principal balance, beginning of the period | |
$ | 1,011,000 | | |
$ | 11,000 | |
| Additions | |
| - | | |
| 1,000,000 | |
| Settlement | |
| - | | |
| - | |
| Balance, end of the period | |
| 1,011,000 | | |
| 1,011,000 | |
| Principal balance, end
of the period | |
| 1,011,000 | | |
| 1,011,000 | |
| Discount | |
| | | |
| | |
| Balance, beginning of the period | |
| 272,000 | | |
| - | |
| Discount balance, beginning of the period | |
| 272,000 | | |
| - | |
| Additions | |
| - | | |
| 885,000 | |
| Amortization | |
| (135,000 | ) | |
| (613,000 | ) |
| Balance, end of the period | |
| 137,000 | | |
| 272,000 | |
| Discount balance,end of
the period | |
| 137,000 | | |
| 272,000 | |
| Net carrying amount | |
$ | 874,000 | | |
$ | 739,000 | |
Financing
cost for the notes payable – related party amounted to $161,000
and nil
for the three months ended March 31, 2026 and 2025, respectively. See Note 6 – Subsequent Events
|