| PROMISSORY NOTES – UNRELATED PARTY |
NOTE 7 – PROMISSORY NOTES – UNRELATED PARTY:
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Energi
Holding Limited |
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On
March 25, 2024, the Company issued an unsecured promissory note to Energi Holding Limited (“Energi”), an unrelated party,
with a principal amount up to $600,000 (the “Note”). The Note bears no interest, however, an establishment fee, a line
fee and an exit fee totaling in aggregate 9.0% per annum, are payable on the Maturity Date. |
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The
Company and Energi signed a Note extension to extend the Maturity Date from November 1, 2024 to November 2, 2025, and subsequently
signed a Note extension to November 2, 2026. All other terms of the Note remain unchanged by the Note extension. |
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As
of June 30, 2026, the amount due to Energi was approximately $722,000, which consisted of $600,000 of advances under the Notes plus
$122,000 of accrued interest. |
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Hali
International Limited |
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On
July 17, 2025, the Company issued an unsecured promissory note to Hali International Limited (“Hali”), an unrelated party,
with a principal amount of $200,000, and on October 15, 2025, the Company issued an additional unsecured promissory note to Hali
with a principal amount of $150,000 (the “Notes”). The Notes, which bear interest at 12% per annum, are repayable in
full on or prior to October 14, 2026 (the “Maturity Date”), as determined by the Company. |
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As
of June 30, 2026, the amount due to Hali was approximately $386,000, which consisted of $350,000 of advances under the Notes plus
$36,000 of accrued interest. |
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VivoPower |
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On
December 23, 2025, the Company issued an unsecured promissory note to VivoPower, the parent company of Tembo (see Note 1-d Business
Combination), and an unrelated party, with a principal amount of $65,000 (the “Note”). The Note, which bears interest
at 10% per annum, is repayable in full on or prior to October 14, 2026 (the “Maturity Date”), as determined by the Company. |
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As
of June 30, 2026, the amount due to VivoPower was approximately $68,000, which consisted of $65,000 of advances under the Note plus
$3,000 of accrued interest. |
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TAG
INTL |
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On
May 19, 2026, the Company issued an unsecured promissory note to TAG INTL DMCC, an unrelated party, with a principal amount of $300,000
(the “Note”). The Note, which was funded on May 26, 2026, and bears interest at 12% per annum, is repayable in full on
or prior to May 19, 2027, as determined by the Company. |
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As
of June 30, 2026, the balance due to TAG was approximately $304,000, which consisted of $300,000 of advances under the Note plus
$4,000 of accrued interest. |
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