Quarterly report [Sections 13 or 15(d)]

NOTE PAYABLE

v3.25.1
NOTE PAYABLE
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
NOTE PAYABLE

6. NOTE PAYABLE

 

The Company has the following outstanding note payable as of March 31, 2025 and December 31, 2024:

 

Note   Issuance Date   Maturity Date   Interest Rate     Original Borrowing     Balance at March 31, 2025     Balance at December 31, 2024  
                                 
Note payable   May 15, 2020   May 15, 2050     3.75 %   $ 150     $ -     $ 118  
Total note payable                             -       118  
Non-current                             -       (98 )
Current                           $ -     $ 20  

 

On May 15, 2020, the Company executed an unsecured loan with the SBA under the Economic Injury Disaster Loan program in the amount of $150. Monthly payments, including principal and interest, began on October 26, 2022. On March 7, 2025, the Company fully repaid the SBA loan balance, including accrued interest.

 

As of March 31, 2025 and December 31, 2024, the outstanding principal and accrued interest balance due under the note was $0 and $118, respectively.

 

 

The following table provides a breakdown of interest expense:

 

    2025     2024  
    Three Months Ended March 31,  
    2025     2024  
             
Interest expense – amortization of debt discount   $ -     $ 99  
Interest expense – amortization of debt issuance costs     -       73  
Interest expense – other     1       53  
                 
Total interest expense   $ 1     $ 225