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Promissory notes payable related party
3 Months Ended
Sep. 30, 2025
Promissory notes payable related party  
Promissory notes payable - related party

Note 4 – Promissory Loan Payable - related party

 

On March 29, 2023, Steve Hall provided the Company with a loan in the principal amount of $1,000,000, as evidenced by a promissory note with an annual interest rate of 12% per year (the “Steve Hall Note”). The purpose of the Steve Hall Note was to provide the Company with a funding source to make a follow-on investment in CNTNR USA, Inc., a Delaware corporation (“CNTNR”). On May 31, 2023 (or upon the closing of a debt financing), the Company would repay the outstanding principal balance of the Hall Note to Steve Hall and transfer to him 90% of the shares of CNTNR, issued by CNTNR to the Company pursuant to the Company’s investment in CNTNR, plus 90% of the CNTNR Warrants.

 

On April 1, 2024, the principal amount, plus accrued interest of $170,183 under the Steve Hall Note was settled with a debt consolidation agreement between the Company and Steve Hall. The debt consolidation agreement was accompanied by a promissory note which matures on December 31, 2025, with an annual interest rate of 12%. 

 

As of September 30, 2025, and 2024, the outstanding loan balances under the debt consolidation agreement and accompanying promissory note were $2,289,322 and $2,050,223 with interest of $379,575 and $120,066 accrued, respectively.