| Factoring Payable |
Note 6
Factoring Payable
The
Company has entered into certain factoring payable agreements. Except as specifically set forth below, the factoring purchase agreements
are not collateralized by a general security agreement over iDoc’s personal property and interests. No interest rate
is associated with these factoring purchase transactions and no time during which the amount sold must be collected because the weekly
amount is subject to adjustment based on future receipts generated by iDoc or the Company
| 1. | A
Future Receipts Sale Agreement, which iDoc entered into on June 21, 2023, pursuant to which iDoc sold $299,000 of future receipts for
a net purchase price of $207,639 and under which iDoc authorized the factoring purchaser to collect $7,475 weekly. During the year ended
December 31, 2025, the Company entered into a Stipulation of Settlement with the factoring purchaser, under which a previously issued
judgment of $161,268 was settled for a fixed settlement amount of $50,000. Following the same, the factoring payable under this
June 21, 2023, Future Receipts Sale Agreement was fully repaid as of December 31, 2025. |
| 2. | A
Future Receipts Sale Agreement, which iDoc entered into on June 28, 2023, pursuant to which iDoc sold $140,000 of future receipts for
a net purchase price of $100,000 and under which iDoc authorized the factoring purchaser to collect $5,000 weekly. The factoring payable
under the June 28, 2023, Future Receipts Sale Agreement was fully repaid during the year ended December 31, 2025. |
| 3. | A
Future Receipts Sale Agreement, which iDoc entered into on October 13, 2023, pursuant to which iDoc sold $186,250 of future receipts
for a net purchase price of $125,000 and under which iDoc authorized the factoring purchaser to collect $1,552 weekly. Furthermore, the
agreement was not collateralized by a general security agreement over iDoc’s accounts, including, without limitation, all deposit
accounts, accounts receivable, and other receivables, chattel paper, documents, equipment, general intangibles, instruments, and inventory.
During the year ended December 31, 2025, this agreement was terminated pursuant to a payoff arrangement under which the purchaser agreed
to accept a fixed amount of $50,000 as full and final settlement of the remaining balance owed. The factoring payable under the October
13, 2023, Future Receipts Sale Agreement was fully repaid as of December 31, 2025. . |
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