NOTE 15: NOTE RECEIVABLE

On June 9, 2026, the Company entered into a secured note receivable with Wasatch Springs in the amount of $137,500 which includes $12,500 of original issue discount which is deemed fully earned as of June 9, 2026. The note is due on December 9, 2026. In addition, interest will accrue at a rate of 10% through maturity. The note receivable is secured by the assets of Wasatch Springs.

Wasatch Springs repaid $20,000 of the note receivable in the three months ended September 30, 2026. There was $3,991 of interest income recorded on this note through September 30, 2026.

The funds were advanced to Wasatch Springs to support the Zermatt Resort operations during the acquisition process. Alpenhaus completed the resort acquisition on September 9, 2026. The closing has not affected the note’s repayment terms, expected source of repayment or collateral, and the Company expects to receive cash payments on the note receivable by the due date.