10. Convertible Note Payable

On June 20, 2025, the Company issued a $3,000 convertible note to First Finance Ltd. The note accrued interest at 10% per annum and was mandatorily convertible into Class B Convertible Preferred Stock upon the issuance of Class A Redeemable Preferred Stock (which occurred July 18, 2025).

On July 21, 2025, the note (together with accrued interest) automatically converted into 3,026 shares of Class B Convertible Preferred Stock. The conversion was recognized in equity with no gain or loss recorded.

As of March 31, 2026, there is no outstanding convertible note liability. See Note 4 – Debt and Equity for additional information