LOANS |
6 Months Ended | ||||||||||||||||||||||||||||||
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Jul. 31, 2026 | |||||||||||||||||||||||||||||||
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| LOANS | NOTE 6 – LOANS
Loans payable consist of a loan obtained by Tendercard from On Deck Capital on June 3, 2026 in the amount of $59,000, payable weekly over a twenty-four month period. As of July 31, 2026, $4,538 in principal and $2,129 in interest payments have been made with a principal balance of $54,462, Loans also consist of a Small Business Administration Economic Disaster Injury Loan assumed in the acquisition of Kindcard on June 7, 2021. The SBA loan assumed principal balance of $150,000 and $3,160 accrued interest for a total balance of $153,160. In November 2025, the SBA renewed its UCC filing for the loan and charged the Company $20 for the filing fee by increasing the loan’s principal balance by $20. An additional $28,407 of interest was accrued and $15,277 in installments payments have been made as of July 31, 2026, with a total balance of $166,310. The term of the note is 30 years with an interest rate of 3.75% per annum, installment payments of $731 began April 14, 2023, and consist of interest only for the first thirty months. On March 15, 2024, the Company entered into an SBA accommodation plan with six months of reduced installments of $73, on September 15, 2024 the accommodation plan was extended for an additional six months, in March 2025 a final extension was granted for an additional twelve months of installment payments of $366 which ended on February 15, 2026, as of July 31, 2026 monthly installment payments of $731, comprised of $0.00 principal and $731 interest have resumed.
Below is a summary of future minimum loan payments SBA Loan:
Year ending January 31,
Notes Payable
Notes payable are comprised of a series of short term unsecured loans with vendors, consultants and advisors with interest rates ranging from 7% to 12% per annum and maturity dates within one to twelve months. Total notes payable was $432,861 and $384,817 at July 31, 2026 and January 31, 2026 respectively. |