LINE OF CREDIT – NON-CURRENT |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Line Of Credit Non-current | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LINE OF CREDIT – NON-CURRENT | 23. LINE OF CREDIT – NON-CURRENT
The Company has notes payable – noncurrent as of June 30, 2026, and 2025 in the amount of $833,096 and $, respectively.
On March 16, 2026, Awaysis Belize Limited, a wholly owned subsidiary of Awaysis Capital, Inc. (the “Company”), entered into a construction loan agreement with The Belize Bank Limited providing financing of BZ$4,103,000 (approximately US$2,051,500), including financing for construction and renovation expenditures and associated loan and closing costs. The proceeds are intended to finance the completion and development of 12 condominium units at the Company’s Casamora property in San Pedro, Ambergris Caye, Belize.
The loan bears interest at the bank’s prime lending rate less 0.50%, initially equivalent to 8.0% per annum, subject to adjustment in accordance with the loan agreement. The agreement provides for an initial six-month interest-only period, followed by 114 consecutive monthly installments of principal and interest. The contractual maturity date is September 30, 2036, unless otherwise amended by the parties. Additionally, 50% of the proceeds from condominium sales are required to be applied toward accelerated principal repayment.
Collateral and Guarantees
The construction loan is secured by real estate and related security arrangements involving properties located in San Pedro, Belize. Under Schedule C of the financing agreement, the security arrangements include:
A registered charge over Parcels 576 and 577, Block 7, San Pedro Registration Section, in the name of Awaysis Belize Limited, securing BZ$4,103,000.
Lodgment of title documents by Yacht Club Resorts Development Company Limited for Strata Parcels 5513 H2, H3, H5, H7, H8, H9, H12, H13, H14 and H15, Block 7, San Pedro Registration Section.
Additional lodgment requirements for Strata Parcels 5513 H4 and H6, Block 7, San Pedro Registration Section, subject to the availability of the respective titles.
Assignment of rental proceeds from charged properties and applicable insurance coverage naming The Belize Bank Limited as an interested party.
The loan agreement also provides for a corporate guarantee by Yacht Club Resorts Development Company Limited and personal guarantees by Michael Singh and Andrew Trumbach.
The financing agreement contains customary lending provisions and other conditions, including reporting requirements, insurance obligations, collateral requirements, and restrictions and repayment provisions relating to condominium sales.
As of June 30, 2026, the utilized balance on the loan is $877,430. The current portion due is $44,334 and the long-term portion is $833,096. The terms of the loan consist of the first 6 months allowing interest only payments. The loan will be utilized to fund the completion of the construction of the Awaysis Casamora properties, which is expected within approximately the next 12 months.
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