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CONVERTIBLE LOAN RECEIVABLE
9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
CONVERTIBLE LOAN RECEIVABLE

NOTE 4 – CONVERTIBLE LOAN RECEIVABLE

 

In connection with a potential equity investment in an unaffiliated entity engaged in the development of certain surgical technologies, the Company entered into a convertible loan agreement in July 2024 pursuant to which the Company loaned $1,079,391 to the unaffiliated entity. The loan was initially set to be repaid on October 1, 2024. However, the Company extended the repayment date to December 1, 2024. On October 1, 2024, the loan began bearing interest at 8% per annum. Pursuant to the convertible loan agreement, the Company has the option to convert the outstanding balance of the loan into noncontrolling equity interests of the unaffiliated entity upon satisfactory completion of certain due diligence activities. The loan is recorded under the caption “Convertible loan receivable” on the Company’s Consolidated Balance Sheets, which was $1,079,391 as of September 30, 2024.