| Factoring Payable |
Note 5 Factoring Payable
The Company has entered into
certain factoring payable agreements. Except as specifically set forth below, the factoring purchase agreements are not collateralized
by a general security agreement over iDoc’s personal property and interests. No interest rate is associated with these factoring
purchase transactions and no time during which the amount sold must be collected because the weekly amount is subject to adjustment based
on future receipts generated by iDoc or the Company.
| 1. | A Future Receipts Sale Agreement, which iDoc entered into on
June 21, 2023, pursuant to which iDoc sold $299,000 of future receipts for a net purchase price of $207,639 and under which iDoc authorized
the factoring purchaser to collect $7,475 weekly. During the year ended December 31, 2025, the Company entered into a Stipulation of
Settlement with the factoring purchaser, under which a previously issued judgment of $161,268 was settled for a fixed settlement
amount of $50,000. Following the same, the factoring payable under this June 21, 2023, Future Receipts Sale Agreement was fully repaid
as of December 31, 2025. |
| 2. | A Future Receipts Sale Agreement, which iDoc entered into on
June 28, 2023, pursuant to which iDoc sold $140,000 of future receipts for a net purchase price of $100,000 and under which iDoc authorized
the factoring purchaser to collect $5,000 weekly. The factoring payable under the June 28, 2023, Future Receipts Sale Agreement was fully
repaid during the year ended December 31, 2025. |
| 3. | A Future Receipts Sale Agreement, which iDoc entered into on
October 13, 2023, pursuant to which iDoc sold $186,250 of future receipts for a net purchase price of $125,000 and under which iDoc authorized
the factoring purchaser to collect $1,552 weekly. Furthermore, the agreement was not collateralized by a general security agreement over
iDoc’s accounts, including, without limitation, all deposit accounts, accounts receivable, and other receivables, chattel paper,
documents, equipment, general intangibles, instruments, and inventory. During the year ended December 31, 2025, this agreement was terminated
pursuant to a payoff arrangement under which the purchaser agreed to accept a fixed amount of $50,000 as full and final settlement
of the remaining balance owed. The factoring payable under the October 13, 2023, Future Receipts Sale Agreement was fully repaid as of
December 31, 2025. |
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