NOTES PAYABLE (RELATED PARTY) AND NOTE EXCHANGE AGREEMENT |
3 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2026 | ||||||||||
| NOTES PAYABLE (RELATED PARTY) AND NOTE EXCHANGE AGREEMENT | ||||||||||
| NOTES PAYABLE (RELATED PARTY) AND NOTE EXCHANGE AGREEMENT | NOTE F—NOTES PAYABLE (RELATED PARTY) AND NOTE EXCHANGE AGREEMENT
BGS Drawdown Promissory Note – Related Party
On January 1, 2024, the Company executed a Drawdown Promissory Note in favor of Bryan Glass Securities, Inc. (“BGS”) (A Related Party) under which the Company is entitled to borrow up to an aggregate of $50,000 (the “Drawdown Note”). The Drawdown Note bears interest at the rate of 2% per year and matures on December 31, 2028. Under the Drawdown Note, the Company must request a drawdown against the instrument not less than three days prior to the date on which it requires the proceeds stating the amount of the drawdown and the purposes to which the proceeds will be applied. BGS is entitled to approve or decline an advance of all or a portion of the drawdown request.
As of June 30, 2026, the Company has borrowed an aggregate of $49,207 from BGS under the Drawdown Note and the sum of $793 remains available for advances thereunder. Interest expense for the quarters ended June 30, 2026 and 2025 were $223 and $102, respectively. Total accrued interest as of June 30, 2026 is $966. |