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| Notes Payable | Note 11 – Notes Payable
On June 16, 2020, the Company entered into a loan authorization and loan agreement with the United States Small Business Administration (the “SBA”), as lender, pursuant to the SBA’s Economic Injury Disaster Loan (“EIDL”) assistance program in light of the impact of the COVID-19 pandemic on the Company’s business (the “EIDL Loan Agreement”) encompassing a $150,000 Promissory Note issued to the SBA (the “EIDL Note”)(together with the EIDL Loan Agreement, the “EIDL Loan”), bearing interest at 3.75% per annum. In connection with entering into the EIDL Loan, the Company also executed a security agreement, dated June 16, 2020, between the SBA and the Company (the “EIDL Security Agreement”) pursuant to which the EIDL Loan is secured by a security interest on all of the Company’s assets. Under the EIDL Note, the Company is required to pay principal and interest payments of $731 every month beginning June 16, 2022, as extended. All remaining principal and accrued interest is due and payable on June 16, 2050. The EIDL Note may be repaid at any time without penalty.
On April 8, 2022, the Company issued unsecured notes bearing interest of 6% per annum, compounded semi-annually, payable in cash semi-annually on June 30th and December 31st. On August 23, 2022, the notes were amended to update the terms of the interest payment to be payable at the earlier of the maturity date or January 1, 2025, rather than being paid semi-annually. The notes matured on April 8, 2025. The noteholders also received warrants to purchase 125,000 shares of common stock, exercisable at $2.35 per share, which were exercised April 15, 2024. The Company issued $239,928 of related party Convertible Notes on April 28, 2025.
Notes payable consists of the following at September 30, 2025 and December 31, 2024, respectively:
The Company recognized interest expense related to related party notes payable and other notes payable for nine months ended September 30, 2025 and 2024, as follows:
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