Note 7 – Short-Term Loan

On January 2, 2024, the board of directors of the Company authorized the Company to enter into a revolving credit facility or series of promissory notes for up to $5 million with one or more lenders. The Company accepted the first $300,000 tranche on January 9, 2024 (the “Loan”) with a third-party private lender (the “Lender”) whereby the Lender loaned $300,000 to the Company (the “Principal Amount”). The Loan has an annual 3% compound interest rate and note payments begins on February 4, 2024 (“Due Date”) whereby the Company will pay Lender in 12 equal installment payments of $25,408.11 beginning on the Due Date. The interest amount for the six months ended June 30, 2024 was $2,041, and the total principal outstanding loan amount was $175,000 as of June 30, 2024.

On June 18, 2024, the Company enter into a one-month loan agreement with a third party for the amount of $50,000. The loan has an annual interest rate of 12% and the principal and interest amount have a due date of July 19, 2024. The accrued interest was $200 for the six months ended June 30, 2024, and the total principal outstanding loan amount was $50,000 as of June 30, 2024. The principal and interest were paid off on July 19, 2024.