| LOANS PAYABLE |
NOTE 12 – LOANS PAYABLE Loans payable consisted of the following as of March 31, 2026 and December 31, 2025: | | | 2026 | | | 2025 | | | | | | | | | | a) | On March 3, 2021, Gladiator entered into a loan agreement with the Small Business Administration in the amount of $67,800. This loan accrues interest at the annual rate of 3.75% and matures on March 3, 2051. The Company has accrued interest of $12,915 and $ 12,281 in connection with this note as of March 31, 2026 and December 31, 2025. Such principal and accrued interest has been classified in Long Term Liabilities - Other. | | $ | 67,800 | | | $ | 67,800 | | | | | | | | | | | | b) | On September 16, 2022, Gladiator entered into a loan agreement with Pinnacle Business Funding, LLC wherein it borrowed $145,500 and agreed to repay the loan in weekly payments of $6,328. The Company has not fully complied with the terms of this agreement and payments totaling $24,000 remain outstanding as of March 31, 2026 and December 31, 2025. | | | 24,000 | | | | 24,000 | |
c) | On December 9, 2022, Gladiator entered into a loan agreement with Quattro Capital in the amount of $250,000 in connection with the financing of inventory purchases. The note is collateralized by such inventory, accrues interest at the rate of 150% per annum, and required repayment within 60 days. If not paid upon maturity, the interest rate increased to $1,200 per day resulting in an effective interest rate of approximately 175% per annum. The Company has accrued interest of $1,385,617 and $1,276,417 in connection with this note as of March 31, 2026 and December 31, 2025, respectively, and classified such amounts in the Accounts Payable and Accrued Expenses caption on the balance sheet. | | | 250,000 | | | | 250,000 | | | | | | | | | | | | Total | | $ | 341,800 | | | $ | 341,800 | |
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