NON-CONVERTIBLE NOTES AND LOAN AGREEMENTS |
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| NON-CONVERTIBLE NOTES AND LOAN AGREEMENTS | NOTE 9 – NON-CONVERTIBLE NOTES AND LOAN AGREEMENTS
On January 31, 2024, two loans were issued with two third party shareholders to loan the Company an aggregate of $20,000. As of year end 2024, both these loans were repayable on or before January 30, 2025, and with interest at 10% per annum.
On January 30, 2026 both loans were extended until December 31, 2026.
In addition to the issuance of new loans, the Company extended the validity of the following loans that were falling due during fiscal year 2024:
Two separate loans to provide financial assistance granted by two third party shareholders both due on September 14, 2024, with principal amount of $ each for an aggregate value of $ paying interest at maturity at a rate of % per annum were extended until .
On November 30, 2025 both loans were extended until December 31, 2026.
The following loans with an aggregate principal value of $575,000 were all extended to December 31, 2026.
A loan to provide financial assistance granted by a third-party shareholder falling due on November 9, 2024, with a principal amount of $250,000 and paying interest at maturity at a rate of 10% per annum was extended until May 8, 2026.
On May 8, 2026 the loan was extended to December 31, 2026.
A loan to provide financial assistance granted by a third-party shareholder falling due on December 2, 2024, with a principal amount of $200,000 and paying interest at maturity at a rate of 10% per annum was extended until June 2, 2026
On June 2, 2026 the loan was extended to December 31, 2026.
A loan to provide financial assistance granted by a third-party shareholder falling due on December 2, 2024, with a principal amount of $50,000 and paying interest at maturity at a rate of 10% per annum was extended until June 2, 2026.
On June 2, 2026 the loan was extended to December 31, 2026.
A loan to provide financial assistance granted by a third-party shareholder falling due on February 2, 2025, with a principal amount of $25,000 and paying interest at maturity at a rate of 10% per annum was extended until August 2, 2026.
A loan to provide financial assistance granted by a third-party shareholder falling due on February 20, 2025, with a principal amount of $50,000 and paying interest at maturity at a rate of 10% per annum was extended until August 20, 2026.
In summary, as of December 31, 2024, a total of nine unpaid loans with an aggregate amount of $845,000 were outstanding.
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