Note 10 – Loans and notes

Insurance loan

In February 2024, the Company entered into loan agreement with First Insurance Funding, to obtain a short-term loan (“Insurance loan 1”) of $74,078 with interest rate of 9.5% to be due in ten equal monthly instalments of $6,573. In December 2024, the remaining balance of Insurance loan had been paid in full.

In February 2025, the Company entered into another loan agreement with First Insurance Funding, to obtain a short-term loan (“Insurance loan 2”) of $56,669 with interest rate of 10.0 % to be due in ten equal monthly instalments of $5,929. As of March 31,2026 and June 30, 2025, the outstanding balance Insurance loan 2 were $0 and $40,490.

In February 2026, the Company entered into another loan agreement with First Insurance Funding, to obtain a short-term loan (“Insurance loan 3”) of $61,731 with interest rate of 9.7% to be due in ten equal monthly instalments of $6,451. As of March 31,2026 and June 30, 2025, the outstanding balance Insurance loan 3 were $55,779 and   $0.

The funds from Insurance Loan 1,2, and 3were exclusively allocated towards the payment of the Directors and Officers (D&O) insurance as indicated on Note 5.

For the three and nine months ended March 31,2026, interest expenses pertained to the insurance loans amounted to $500 and $1,217, respectively. For the three and nine months ended March 31,2025, interest expenses pertained to the insurance loan amounted to $469 and $1,534, respectively.