NOTE RECEIVABLE

9 Months Ended

Sep. 30, 2024

NOTE 7 – NOTE RECEIVABLE

In July 2022, the Company received a promissory note in the amount of $2.0 million (the “Note”) in connection with the Asset Sale. The Note bearing interest at 2.37% per annum was due on or before July 22, 2023. In the event of default, the interest rate on the Note increases to 2.63% per annum. On July 31, 2023, the repayment terms of the Note were modified by mutual agreement, under which repayment of the Note was to be made in three installments. Payments on the Note aggregating $1.0 million were received in multiple installments during fiscal year 2023 and the remaining balance of the Note plus accrued interest was paid in full in multiple installments during the first and second quarter of 2024.

Note receivable consists of the following at September 30, 2024 and December 31, 2023 (in thousands):

	September 30, 2024		December 31, 2023
TF Tech Ventures, Inc. secured promissory note	$	-	$	975
Less: Current portion of note receivable, net		-		(975	)
Note receivable, net of current portion	$	-	$	-

Avenir Wellness Solutions, Inc. 10-Q