v3.26.1
Notes Payable
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Notes Payable

Note 10- Notes Payable

The following table presents notes payable as of June 30, 2026 and December 31, 2025:

 

 

 

June 30,
2026

 

 

December 31,
2025

 

On July 27, 2018, the Company entered into a Bridge Loan Agreement and Promissory Note, with an interest rate of 0.50% per month for the first six months and 0.75% per month through the Maturity Date of July 27, 2019. On April 27, 2026, BioStem Technologies, Inc. entered into a Settlement Agreement and Release to resolve all disputes arising from loan agreements in default.

 

$

-

 

 

$

1,000,000

 

On October 5, 2018, the Company entered into a Bridge Loan Agreement and Promissory Note, with an interest rate of 0.50%, per month for the first six months and 0.75% per month through the Maturity Date of October 5, 2019. On April 27, 2026, BioStem Technologies, Inc. entered into a Settlement Agreement and Release to resolve all disputes arising from loan agreements in default.

 

 

-

 

 

 

2,000,000

 

On April 23, 2026, the Company entered into a Bridge Loan Agreement and Promissory Note, with an interest rate of 0.50% per month for the first six months and 0.75% per month through the Maturity Date of April 23, 2027.

 

 

1,000,000

 

 

 

-

 

Total notes payable

 

 

1,000,000

 

 

 

3,000,000

 

Less: current portion of notes payable

 

 

(1,000,000

)

 

 

(3,000,000

)

Notes payable-long-term

 

$

-

 

 

$

-

 

 

In August 2019, the Company received notice from GMA Bridge Fund, LLC and GMA Bridge Holdings, LLC (collectively "GMA") that the Company is in default for the loan that matured on July 27, 2019, for non-payment and gave the Company notice that the note which matured on October 5, 2019, was also in default. On April 27, 2026, the Company entered into a settlement and release agreement (the "Agreement") with GMA to resolve all disputes arising from the loan agreements in default. Under the terms of the Agreement, the Company extinguished its total outstanding obligation of $5,315,250, comprised of $3,000,000 in original principal and $2,315,250 in accrued interest through a cash payment of $3,500,000 and the issuance of a new $1,000,000 secured promissory note with a maturity date of April 23, 2027, resulting in an $815,250 gain on extinguishment of debt, which was recognized as other income during the three months ended June 30, 2026. The new $1,000,000 promissory note is secured by a mortgage on the Company's property located at 2836 Center Port Circle in Pompano Beach, FL.