PROMISSORY NOTES |
9 Months Ended | 10 Months Ended |
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Sep. 30, 2024 |
Dec. 31, 2023 |
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| Stardust Power Inc And Subsidiary [Member] | ||
| PROMISSORY NOTES | NOTE 11 – PROMISSORY NOTES
In March 2023, Legacy Stardust Power entered into unsecured notes payable with three related parties as described in Note 13. These notes payable provided the Company the ability to draw up to $1,000,000, in aggregate: $160,000 until December 31, 2023 and $840,000 until December 31, 2025. These loan facilities accrue interest, compounding semi-annually, at the long-term semiannual Applicable Federal Rate, as established by the Internal Revenue Service, which effectively was 3.71%.
As at September 30, 2024, the Company had $840,000 available to draw.
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NOTE 8 — PROMISSORY NOTES
In March 2023, the Company entered into unsecured notes payable with three related parties as described in Note 15. These notes payable provided the Company the ability to draw up to $1,000,000, in aggregate: $160,000 until December 31, 2023 and $840,000 until December 31, 2025. These loan facilities accrue interest, compounding semi-annually, at the long-term semiannual Applicable Federal Rate, as established by the Internal Revenue Service, which effectively was 3.71%.
Stardust Power Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS For the period from March 16, 2023 (inception) through December 31, 2023
NOTE 8 — PROMISSORY NOTES (cont.)
As at December 31, 2023, the Company had $1,000,000 available to draw, which subsequent to the year reduces to $840,000 to draw.
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