Note 13 – Loans and notes

Insurance loan

In February 2024, the Company entered into loan agreement with First Insurance Funding, to obtain a short-term loan (“Insurance loan 1”) of $74,078 with interest rate of 9.5% to be due in ten equal monthly instalments of $6,573. In December 2024, the remaining balance of Insurance loan had been paid in full.

In February 2025, the Company entered into another loan agreement with First Insurance Funding, to obtain a short-term loan (“Insurance loan 2”) of $56,669 with interest rate of 10.0 % to be due in ten equal monthly instalments of $5,929. As of June 30, 2026 and 2025, the outstanding balance Insurance loan 2 were $0 and $40,490.

In February 2026, the Company entered into another loan agreement with First Insurance Funding, to obtain a short-term loan (“Insurance loan 3”) of $61,731 with interest rate of 9.7% to be due in ten equal monthly instalments of $6,451. As of June 30, 2026, the outstanding balance Insurance loan 3 were $37,633. The funds from Insurance Loan 1,2, and 3 were exclusively allocated towards the payment of the Directors and Officers (D&O) insurance as indicated on Note 8.

For the year ended June 30, 2026 and 2025, interest expenses pertained to the insurance loans amounted to $2,715 and $2,671, respectively.