Annual report [Section 13 and 15(d), not S-K Item 405]

RELATED PARTY TRANSACTIONS (Tables)

v3.25.1
RELATED PARTY TRANSACTIONS (Tables)
12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
SCHEDULE OF DEBT

 

    Original     Original     Original     Revised     Revised  
    Balance     maturity     rate     maturity     rate  
January 24, 2020 Amended Note   $ 100,000       7/19/2023       4 %     08/31/2026       Prime + 2 %
June 28, 2021 Note     100,000       6/28/2023       4 %     08/31/2026       Prime + 2 %
September 17, 2021 Note     500,000       9/17/2023       4 %     08/31/2026       Prime + 2 %
December 13, 2021 Note     500,000       12/13/2023       4 %     08/31/2026       Prime + 2 %
December 29, 2022 Note     2,000,000       8/1/2023       Prime + 4 %     08/31/2026       Prime + 2 %
March 3, 2023 Note     800,000       7/1/2023       Prime + 4 %     08/31/2026       Prime + 2 %
    $ 4,000,000 (1)                                

 

(1) Note that $1,527,500 of this total was repaid to Mr. Sklar in 2024 from proceeds under the Gibraltar Loan (see Loan and Security Agreement – Related Party below).