NOTES PAYABLE – RELATED PARTY	3 Months Ended
Mar. 31, 2025
Notes Payable Related Party
NOTES PAYABLE – RELATED PARTY	NOTE 5 – NOTES PAYABLE – RELATED PARTY Notes payable - related party totaled $2,178,000 March 31, 2024 and $1,750,000 December 31, 2023, respectively. On January 16, 2020, the Company entered into a demand note agreement with our Board Chairman, Michael V. Barbera, in the amount of $50,000. The note has a term of 6 months bearing an interest rate of 10% per annum. On April 13, 2020, an addendum was executed changing the terms of the note to a convertible note payable bearing an interest rate of 12% per annum. Per the addendum, the principal and accrued interest is convertible at the option of the holder after June 5, 2020 at a 20% discount of that days’ closing price. See Note 6 for information regarding this convertible note payable – related party. On April 2, 2021, the Company issued a promissory note with Paul Sallarulo, a member of our Board of Directors, in exchange for $150,000 bearing an interest rate of 18% per annum and payable on October 2, 2022. The company also issued 1,500,000 common stock warrants at an exercise price of $0.20 per share expiring in 5 years. The note was not paid by its due date. On April 2, 2022, the due date of this note was extended to April 1, 2024. As of the date of this report, the note has not been called. On April 2, 2021, the Company issued a promissory note with Michael V. Barbera, our Chairman of the Board, in exchange for $150,000 bearing an interest rate of 18% per annum and payable on October 2, 2022. The company also issued 1,500,000 common stock warrants at an exercise price of $0.20 per share expiring in 5 years. The note was not paid by its due date. On April 2, 2022, the due date of this note was extended to April 1, 2024. As of the date of this report, the note has not been called. On August 31, 2022 the Company issued a promissory note to a board member in exchange for $37,000 bearing an interest rate of 10% per annum and payable on August 31, 2024. On August 22, 2022 the Company issued a promissory note to a board member in exchange for $20,000 bearing an interest rate of 10% per annum and payable on August 22, 2024. On August 22, 2022 the Company issued a promissory note to a board member in exchange for $5,000 bearing an interest rate of 10% per annum and payable on August 22, 2024. On August 29, 2022 the Company issued a promissory note to a board member in exchange for $25,000 bearing an interest rate of 10% per annum and payable on August 29, 2024. On August 29, 2022 the Company issued a promissory note to a board member in exchange for $10,000 bearing an interest rate of 10% per annum and payable on August 29, 2024. On August 31, 2022 the Company issued a promissory note to a board member in exchange for $13,000 bearing an interest rate of 10% per annum and payable on August 31, 2024. On September 9, 2022 the Company issued a promissory note to a board member in exchange for $60,000 bearing an interest rate of 10% per annum and payable on August 16, 2024. On September 9, 2022 the Company issued a promissory note to a board member in exchange for $10,000 bearing an interest rate of 10% per annum and payable on September 9, 2024. On September 9, 2022 the Company issued a promissory note to a strategic partner in exchange for $10,000 bearing an interest rate of 10% per annum and payable on September 9, 2024. On September 9, 2022 the Company issued a promissory note to a strategic partner in exchange for $15,000 bearing an interest rate of 10% per annum and payable on September 9, 2024. On September 9, 2022 the Company issued a promissory note to an investor and advisor to the board, in exchange for $15,000 bearing an interest rate of 10% per annum and payable on September 9, 2024. On September 22, 2022 the Company issued a promissory note to a board member in exchange for $42,500 bearing an interest rate of 18% per annum and payable on September 22, 2024. On February 14, 2023 the Company issued a promissory note to a board member in exchange for $10,000 bearing an interest rate of 20% per annum and payable on February 13, 2024. On February 24, 2023 the Company issued a promissory note to a board member in exchange for $50,000 bearing an interest rate of 20% per annum and payable on February 23, 2024. On March 3, 2023 the Company issued a promissory note to a board member in exchange for $15,000 bearing an interest rate of 20% per annum and payable on March 2, 2024. On March 24, 2023 the Company issued a promissory note to a board member in exchange for $15,000 bearing an interest rate of 20% per annum and payable on March 23, 2024. On April 12, 2023 the Company issued a promissory note to a board member in exchange for $150,000 bearing an interest rate of 20% per annum and payable on April 11, 2024. On April 28, 2023 the Company issued a promissory note to a board member in exchange for $100,000 bearing an interest rate of 20% per annum and payable on April 27, 2024. On May 12, 2023 the Company issued a promissory note to a board member in exchange for $100,000 bearing an interest rate of 20% per annum and payable on May 11, 2024. On June 5, 2023 the Company issued a promissory note to a board member in exchange for $100,000 bearing an interest rate of 20% per annum and payable on June 4, 2024. On July 25, 2023 the Company issued a promissory note to a board member in exchange for $200,000 bearing an interest rate of 20% per annum and payable on July 24, 2024. On September 11, 2023 the Company issued a promissory note to a board member in exchange for $150,000 bearing an interest rate of 20% per annum and payable on September 10, 2024. On September 11, 2023 the Company issued a promissory note to an advisor to the board in exchange for $50,000 bearing an interest rate of 20% per annum and payable on September 10, 2024. On November 2, 2023 the Company issued a promissory note to a board member in exchange for $100,000 bearing an interest rate of 20% per annum and payable on November 1, 2024. On December 12, 2023 the Company issued a promissory note to a board member in exchange for $75,000 bearing an interest rate of 20% per annum and payable on December 11, 2024. On January 9, 2024 the Company issued a promissory note to a board member in exchange for $23,000 bearing an interest rate of 20% per annum and payable on January 8, 2025. On March 6, 2024 the Company issued a promissory note to a board member in exchange for $40,000 bearing an interest rate of 20% per annum and payable on March 5, 2025. On May 12, 2024, the Company issued a promissory note to a board member in exchange for $25,000 bearing an interest rate of 20% per annum and payable on May 11, 2025. On March 21, 2024 the Company issued a promissory note to a board member in exchange for $15,000 bearing an interest rate of 20% per annum and payable on March 20, 2025. On June 26, 2024, the Company issued a promissory note to a board member in exchange for $100,000 bearing an interest rate of 20% per annum and payable on June 25, 2025. On August 13, 2024, the Company issued a promissory note to a board member in exchange for $25,000 bearing an interest rate of 20% per annum and payable on August 12, 2025. On September 6, 2024, the Company issued a promissory note to a board member in exchange for $50,000 bearing an interest rate of 20% per annum and payable on September 5, 2025. On October 2, 2024, the Company issued a promissory note to a board member in exchange for $100,000 bearing an interest rate of 20% per annum and payable on October 1, 2025. On December 13, 2024, the Company issued a promissory note to a board member in exchange for $50,000 bearing an interest rate of 20% per annum and payable on December 12, 2025. Interest expense for the Company’s notes payable – related party for the three months ended March 31, 2025 and 2024 was $117,458 and $90,051, respectively. Accrued interest for the Company’s notes payable - related party on March 31, 2025, and December 31, 2024, was $2,175,254 and $1,927,516, respectively, and is included in accrued expenses on the accompanying condensed consolidated balance sheets.

NOTES PAYABLE – RELATED PARTY

3 Months Ended

Mar. 31, 2025

NOTE 5 – NOTES PAYABLE – RELATED PARTY

Notes payable - related party totaled $2,178,000 March 31, 2024 and $1,750,000 December 31, 2023, respectively.

On January 16, 2020, the Company entered into a demand note agreement with our Board Chairman, Michael V. Barbera, in the amount of $50,000. The note has a term of 6 months bearing an interest rate of 10% per annum. On April 13, 2020, an addendum was executed changing the terms of the note to a convertible note payable bearing an interest rate of 12% per annum. Per the addendum, the principal and accrued interest is convertible at the option of the holder after June 5, 2020 at a 20% discount of that days’ closing price. See Note 6 for information regarding this convertible note payable – related party.

On April 2, 2021, the Company issued a promissory note with Paul Sallarulo, a member of our Board of Directors, in exchange for $150,000 bearing an interest rate of 18% per annum and payable on October 2, 2022. The company also issued 1,500,000 common stock warrants at an exercise price of $0.20 per share expiring in 5 years. The note was not paid by its due date. On April 2, 2022, the due date of this note was extended to April 1, 2024. As of the date of this report, the note has not been called.

On April 2, 2021, the Company issued a promissory note with Michael V. Barbera, our Chairman of the Board, in exchange for $150,000 bearing an interest rate of 18% per annum and payable on October 2, 2022. The company also issued 1,500,000 common stock warrants at an exercise price of $0.20 per share expiring in 5 years. The note was not paid by its due date. On April 2, 2022, the due date of this note was extended to April 1, 2024. As of the date of this report, the note has not been called.

On August 31, 2022 the Company issued a promissory note to a board member in exchange for $37,000 bearing an interest rate of 10% per annum and payable on August 31, 2024.

On August 22, 2022 the Company issued a promissory note to a board member in exchange for $20,000 bearing an interest rate of 10% per annum and payable on August 22, 2024.

On August 22, 2022 the Company issued a promissory note to a board member in exchange for $5,000 bearing an interest rate of 10% per annum and payable on August 22, 2024.

On August 29, 2022 the Company issued a promissory note to a board member in exchange for $25,000 bearing an interest rate of 10% per annum and payable on August 29, 2024.

On August 29, 2022 the Company issued a promissory note to a board member in exchange for $10,000 bearing an interest rate of 10% per annum and payable on August 29, 2024.

On August 31, 2022 the Company issued a promissory note to a board member in exchange for $13,000 bearing an interest rate of 10% per annum and payable on August 31, 2024.

On September 9, 2022 the Company issued a promissory note to a board member in exchange for $60,000 bearing an interest rate of 10% per annum and payable on August 16, 2024.

On September 9, 2022 the Company issued a promissory note to a board member in exchange for $10,000 bearing an interest rate of 10% per annum and payable on September 9, 2024.

On September 9, 2022 the Company issued a promissory note to a strategic partner in exchange for $10,000 bearing an interest rate of 10% per annum and payable on September 9, 2024.

On September 9, 2022 the Company issued a promissory note to a strategic partner in exchange for $15,000 bearing an interest rate of 10% per annum and payable on September 9, 2024.

On September 9, 2022 the Company issued a promissory note to an investor and advisor to the board, in exchange for $15,000 bearing an interest rate of 10% per annum and payable on September 9, 2024.

On September 22, 2022 the Company issued a promissory note to a board member in exchange for $42,500 bearing an interest rate of 18% per annum and payable on September 22, 2024.

On February 14, 2023 the Company issued a promissory note to a board member in exchange for $10,000 bearing an interest rate of 20% per annum and payable on February 13, 2024.

On February 24, 2023 the Company issued a promissory note to a board member in exchange for $50,000 bearing an interest rate of 20% per annum and payable on February 23, 2024.

On March 3, 2023 the Company issued a promissory note to a board member in exchange for $15,000 bearing an interest rate of 20% per annum and payable on March 2, 2024.

On March 24, 2023 the Company issued a promissory note to a board member in exchange for $15,000 bearing an interest rate of 20% per annum and payable on March 23, 2024.

On April 12, 2023 the Company issued a promissory note to a board member in exchange for $150,000 bearing an interest rate of 20% per annum and payable on April 11, 2024.

On April 28, 2023 the Company issued a promissory note to a board member in exchange for $100,000 bearing an interest rate of 20% per annum and payable on April 27, 2024.

On May 12, 2023 the Company issued a promissory note to a board member in exchange for $100,000 bearing an interest rate of 20% per annum and payable on May 11, 2024.

On June 5, 2023 the Company issued a promissory note to a board member in exchange for $100,000 bearing an interest rate of 20% per annum and payable on June 4, 2024.

On July 25, 2023 the Company issued a promissory note to a board member in exchange for $200,000 bearing an interest rate of 20% per annum and payable on July 24, 2024.

On September 11, 2023 the Company issued a promissory note to a board member in exchange for $150,000 bearing an interest rate of 20% per annum and payable on September 10, 2024.

On September 11, 2023 the Company issued a promissory note to an advisor to the board in exchange for $50,000 bearing an interest rate of 20% per annum and payable on September 10, 2024.

On November 2, 2023 the Company issued a promissory note to a board member in exchange for $100,000 bearing an interest rate of 20% per annum and payable on November 1, 2024.

On December 12, 2023 the Company issued a promissory note to a board member in exchange for $75,000 bearing an interest rate of 20% per annum and payable on December 11, 2024.

On January 9, 2024 the Company issued a promissory note to a board member in exchange for $23,000 bearing an interest rate of 20% per annum and payable on January 8, 2025.

On March 6, 2024 the Company issued a promissory note to a board member in exchange for $40,000 bearing an interest rate of 20% per annum and payable on March 5, 2025.

On May 12, 2024, the Company issued a promissory note to a board member in exchange for $25,000 bearing an interest rate of 20% per annum and payable on May 11, 2025.

On March 21, 2024 the Company issued a promissory note to a board member in exchange for $15,000 bearing an interest rate of 20% per annum and payable on March 20, 2025.

On June 26, 2024, the Company issued a promissory note to a board member in exchange for $100,000 bearing an interest rate of 20% per annum and payable on June 25, 2025.

On August 13, 2024, the Company issued a promissory note to a board member in exchange for $25,000 bearing an interest rate of 20% per annum and payable on August 12, 2025.

On September 6, 2024, the Company issued a promissory note to a board member in exchange for $50,000 bearing an interest rate of 20% per annum and payable on September 5, 2025.

On October 2, 2024, the Company issued a promissory note to a board member in exchange for $100,000 bearing an interest rate of 20% per annum and payable on October 1, 2025.

On December 13, 2024, the Company issued a promissory note to a board member in exchange for $50,000 bearing an interest rate of 20% per annum and payable on December 12, 2025.

Interest expense for the Company’s notes payable – related party for the three months ended March 31, 2025 and 2024 was $117,458 and $90,051, respectively.

Accrued interest for the Company’s notes payable - related party on March 31, 2025, and December 31, 2024, was $2,175,254 and $1,927,516, respectively, and is included in accrued expenses on the accompanying condensed consolidated balance sheets.

BASANITE, INC. 10-Q