Secured Notes Payable – Related Party

9 Months Ended

Sep. 30, 2025

Secured Revolving Line Of Credit

Secured Notes Payable – Related Party

9. Secured Notes Payable – Related Party

Secured notes payable to a related party consists of the following at September 30, 2025 and December 31, 2024:

	September 30, 2025		December 31, 2024
Secured note payable – related party	$	-	$	2,000,000
Less debt discount		-		(4,000	)
Total principal balance		-		1,996,000
Accrued interest		-		64,274
Total principal and accrued interest		-		2,060,274
Less current portion		-		(2,060,274	)
Non-current portion	$	-	$	-

On September 20, 2024, the Company entered into a secured promissory note with Spars Capital Group LLC (“Spars Capital”) in the principal amount of $2,000,000 bearing annual interest of 11.5% that has a maturity date of January 20, 2025. As of December 31, 2024, the notes payable had an aggregate principal balance outstanding of $2,000,000, a debt discount balance of $4,000, and accrued interest payable of $64,274. During the nine months ended September 30, 2025, the Company paid the Note and accrued interest in full, and the Note was retired. The Note was collateralized by a blanket lien on the assets of the Company subordinated only to the line of credit (see Note 7). Spars Capital is owned by a family trust affiliated with Elliot Bohm, the President of CardCash, and a member of the Board of Directors of the Company.