NOTE 8 – LONG TERM DEBT

On August 1, 2025, the Company entered into a non-negotiable promissory note (the “August 2025 Note”), pursuant to which the Company borrowed $482,642.82. The August 2025 Note was issued in connection with a payment made on behalf of the Company to a third party related to a lease obligation. The August 2025 Note bears interest at a rate of 4.03% per annum, compounded annually, and matures on August 1, 2027, at which time all outstanding principal and accrued interest are due and payable. The Company may prepay the August 2025 Note, in whole or in part, at any time without penalty. The August 2025 Note is secured by a first-priority lien on certain assets of the Company, to the extent such assets are not already pledged to other lenders at the time of issuance.

On September 1, 2025, the Company entered into a non-negotiable promissory note (the “September 2025 Note”), pursuant to which the Company borrowed $482,642.82. The September 2025 Note was issued in connection with a loan used to fund a lease payment obligation to a third party. The September 2025 Note bears interest at a rate of 4.00% per annum, compounded annually, and matures on September 1, 2027, at which time all outstanding principal and accrued interest are due and payable. The Company may prepay the September 2025 Note, in whole or in part, at any time without penalty. The September 2025 Note is secured by a first-priority lien on certain assets of the Company, to the extent such assets are not already pledged to other lenders at the time of issuance.

The following tables reflects a summary of the outstanding principal and interest by each lender and their respective maturity date as of December 31, 2025 and 2024:

* - Total Outstanding = Principal + Interest as of December 31, 2025 and 2024