NOTE RECEIVABLE |
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Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||
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| NOTE RECEIVABLE | NOTE 4 – NOTE RECEIVABLE
On May 2, 2024, the Company entered into a $100,000 promissory note agreement with an independent, non-affiliated third party. The note had a term of 180 days and bore interest at 8% per annum.
As of December 31, 2024, the note was in default, and the Company determined that an allowance for the full amount of the note was required, as the note was considered potentially uncollectible. Accordingly, the Company recorded a full allowance for credit losses on the outstanding principal balance and related accrued interest of $5,326 and recognized credit loss expense of $100,000 for the year ended December 31, 2024.
As of December 31, 2025, the note remains outstanding and in default. The Company continues to maintain a full allowance for credit losses on the outstanding principal balance and all related accrued interest, including additional accrued interest of $8,426 during the year ended December 31, 2025, as management believes the amounts are potentially uncollectible.
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