Debt Disclosure |
6 Months Ended | |||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | ||||||||||||||||||||||||||||||||||
| Notes | ||||||||||||||||||||||||||||||||||
| Debt Disclosure | 10. DEBT Debt consisted of the following as of June 30, 2026 and December 31, 2025:
The notes payable to Epazz, Inc. assumed in the voided mergers (principal $1,014,094; accrued interest $699,009 at December 31, 2025, as previously reported) have been derecognized (Note 2). Cloud Builder, Inc. promissory note The Cloud Builder, Inc. note bears interest at 6% per year added to principal; Cloud Builder, Inc. is associated with the successor custodian (Note 12). The Advocate CPA, Inc. demand note bears interest at 6% (Note 12). Secured Promissory Note – Meridian Pacific Holdings, LLC The Secured Promissory Note to Meridian dated August 21, 2017 (0.5% per month; 10% late charge) was payable on February 20, 2018 and is in default. The Court allowed Meridian’s claim at $579,100 as of August 11, 2026 (principal and facility fee $353,500, interest $190,250, late fee $35,350), with interest continuing to accrue:
Interest expense on the note was $5,284 and $10,511 for each three-month and six-month period presented. The Company has no information that the security interest is enforceable against any of its assets. The Company was in compliance with its other debt at both dates. |