DEBT

3 Months Ended

Mar. 31, 2025

NOTE 7 – DEBT

Schedule of debt
	March 31, 2025			December 31, 2024
Notes payable	$	320,209		$	188,061
Note payable – related party		153,989			153,989
Convertible notes payable		2,591,277			2,262,263
Convertible notes payable – related party		22,000			22,000
		3,087,475			2,626,313
Debt discount		(185,958	)		(327,056	)
		2,901,517			2,299,257
Less current portion		1,462,786			1,171,636
Long term portion	$	1,438,731		$	1,127,621

The following is a schedule of debt maturity and the years in which the debt is scheduled to mature:

Notes payable

In February 2021, the Company purchased certain oil and gas production equipment in the Alvey Oil Field. The total purchase price was $450,000 ($389,046 after discount). As of December 31, 2024, the Company had repaid $106,500 leaving a balance of $343,500 which is included in the liabilities of discontinued operations. The remaining amount due was to be paid in installments. However, no further payments have been made as the parties are discussing the amount due the Company for operational expenses which exceed the amount the Company owes to the Estate of Danny Hyde, the creditor. No resolution has been determined as of March 31, 2025.

In December 2023, the Company borrowed $100,000 from an individual with $90,000 and $100,000 outstanding as of March 31, 2025 and December 31, 2024, respectively. This loan does not have an expiration date and accrues interest at $250 day, of which $50 will be paid in cash and $200 in stock at $0.15 a share, when paid plus an additional $7,500 in cash. Accrued interest was $16,125 and $20,625 at March 31, 2025 and December 31, 2024, respectively.

In September 2023, a related party issued a loan to the Company for a total amount of $153,989. The net after discount was $148,716 and $145,712 at March 31, 2025 and December 31, 2024, respectively, with a discount of $5,274 and $8,277 at March 31, 2025 and December 31, 2024, respectively. The loan incurs interest at 12.5% and is due in September of 2025. Accrued interest was $3,792 and $5,687 at March 31, 2025 and December 31, 2024, respectively.

In March 2024, the Company had two loans payable to an individual. One loan was paid off in December 2024 and the other of $40,000 was still due at December 31, 2024 and paid off in January 2025. Each loan accrued interest at $125 a day, and $10,000 and $6,500 of interest was paid as of March 31, 2025 and December 31, 2024, respectively.

In February 2025, an investor made a short-term loan to the Company for $200,000. The loan is non-interest bearing and due within four months.

At March 31, 2025 and December 31, 2024, the Company had drawn down $30,209 and $48,061, respectively, against a line of credit that provides a maximum borrowings of $55,000, and incurs interest at 5.99%.

Convertible notes payable

In 2020, the Company executed a convertible note payable with a related party for $25,000 that is unsecured, non-interest bearing and convertible into shares of common stock at $0.001 per share. In 2023, $3,000 of this note was converted into 3,000,000 shares of common stock. The note matured on September 23, 2020 and is in default.

During the year ended December 31, 2022, the Company received $1,461,000 from the issuance of thirty-two separate convertible notes payable. During 2023, $1,075,000 worth of notes payable were converted into common stock and $311,000 were repaid in cash. The remaining $75,000 worth of notes payable bore interest at 8% and were convertible into common stock at a range of $0.10 to $0.25 a share. These notes had a two-year maturity date when issued, and were converted into shares of common stock in Q3 of 2024.

During the year ended December 31, 2023, the Company raised a net of $3,971,500 in convertible notes payable. The terms were the same as the convertible notes payable issued in December 2022, with the exception of three notes, one for $69,250 incurred in January 2023 and paid off in July 2023, the second for $90,000 incurred in September 2023 and the third for $79,250 incurred in December 2023. Each of these three notes bears interest at 8% and the second and third note were payable at maturity of September 25, 2024 and December 29, 2024, respectively. The second note was convertible into common stock at issuer’s option beginning March 20, 2024 at a 35% discount off of the lowest price for the ten preceding trading days. On March 21, 2024, CETI paid $60,000 towards this loan and the remainder in April 2024. The third note had the same terms with the issuer’s option starting June 25, 2024 and was paid off in June 2024.

During 2024, the Company raised a net of $2,582,650 in convertible notes payable. The terms were the same as the convertible notes payable issued in 2023 with the exception of eight notes – six for a total of $750,000 and two for a total of $173,650. For the notes totaling $750,000, $150,000 of these notes bear interest at 10% and were payable at maturity of September 2024. The notes are convertible into common stock at issuer’s option beginning thirty days after issuance at $0.35 share. In addition, a total of 150,000 common shares were issued in April 2024 as additional loan incentive. For $300,000 of these notes, the interest rate was 9% with varying maturities in 2026 plus a total of 300,000 warrants priced at $0.80/share. The remaining $300,000 of these notes were at 10% interest with varying maturities in 2025 and 2026. For the notes totaling $173,650, these notes bear interest at 8% and are paid back in installments which began on October 30, 2024 and December 30, 2024, respectively. The first note was paid off in February 2025 and the second note had one payment remaining for $12,236 as of March 31, 2025 and was paid off in April 2025. Both notes had an option beginning six months after issuance to be converted into common stock at a 35% discount off of the lowest price for the ten preceding trading days. The total convertible notes payable, net were $2,410,592 and $1,943,484 as of March 31, 2025 and December 31, 2024, respectively.

During 2024, the Company converted $3,673,037 of convertible notes payable, and accrued interest, into 28,170,065 shares of common stock. As of December 31, 2024, 1,954,250 common shares remain unissued. Also, as of December 31, 2024, $2,262,263 worth of convertible notes payable remain outstanding consisting of short-term convertible notes payable of $815,863 (net of discount of $24,400) and long-term convertible notes payable of $1,127,621 (net of discount of $294,379).

During the first quarter of 2025, the Company raised $940,500 in convertible notes payable. All but one of these notes bear interest at 8% per annum and are convertible into common stock at $0.20 a share within the next two years. One note for $93,150, it bears interest at 8% and is payable in installments beginning in July 2025. This note has an option beginning six months after issuance to be converted into common stock at a 35% discount off of the lowest price for the ten preceding trading days.

All notes payable and convertible notes payable are unsecured.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Schedule of debt maturity

Cyber Enviro-Tech, Inc. 10-Q