v3.26.1
NOTE PAYABLE
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
NOTE PAYABLE

NOTE 6 – NOTE PAYABLE

 

On September 30, 2020, Safe-Pro USA entered into a Loan and Authorization Agreement (the “SBA COVID-19 EIDL Loan”) with respect to a loan of $146,000 from the U.S. Small Business Administration (the “SBA”). The SBA deferred the first payment due from 12 months from the date of the promissory note to 30 months from the date of the Note, with a term of 30 years or July 1, 2050. Interest shall accrue at the rate of 3.75% per annum. The SBA Loan is secured by a continuing security interest in and to any and all Safe Pro USA’s tangible and intangible personal property, including, but not limited to inventory, equipment, accounts receivable, and deposit accounts. As of March 31, 2026 and December 31, 2025, accrued interest related to this note amounted to $1,372 and $2,158, respectively, and is included in accrued expenses on the accompanying unaudited condensed consolidated balance sheets.

 

On March 31, 2026 and December 31, 2025, notes payable consisted of the following:

 

   March 31, 2026   December 31, 2025 
         
Notes payable  $146,000   $146,000 
Total notes payable   146,000    146,000 
Less: current portion of notes payable   -    - 
Notes payable – long-term  $146,000   $146,000 

 

 

SAFE PRO GROUP INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(unaudited)

 

The following schedule provides minimum future note payable principal payments required during future periods:

 

Year ending December 31:  Amount 
2026  $- 
2027   2,535 
2028   3,219 
2029   3,342 
2030   3,469 
2031   3,602 
Thereafter   129,833 
Total note payable  $146,000