BSFC 10-K & 10-Q changes, risk factors and insider trading

We sell our products in a highly competitive market. The ability of TOBC to successfully sell its salmon and the price therefor,therefore, is highly dependent on the quality of the salmon. A number of factors can negatively affect the quality of the salmon sold, including the quality of the broodstock, water conditions in the farm, the food and additives consumed by the fish, population levels in the tanks, and the amount of time that it takes to bring a fish to harvest, including transportation and processing. Optimal growing conditions cannot always be assured. Although fish grown in RAS production systems are not subject to the disease and parasite issues that can affect salmon grown in ocean pens, there is the potential for organisms that are ubiquitous to freshwater environments to become pathogenic if the fish are subjected to stressful conditions or there is an issue with biomass management.

Our success mainly depends on our ability to use and develop our technology and product designs without infringing upon the intellectual property rights of third parties. We may be subject to litigation involving claims of patent infringement or violations of other intellectual property rights of third parties. Holders of patents and other intellectual property rights potentially relevant to our product offerings may be unknown to us, which may make it difficult for us to acquire a license on commercially acceptable terms. There may also be technologies licensed to us and that we rely upon that are subject to infringement or other corresponding allegations or claims by third parties which may damage our ability to rely on such technologies. In addition, although we endeavor to ensure that companies that work with us possess appropriate intellectual property rights or licenses, we cannot fully avoid the risks of intellectual property rights infringement created by suppliers of components used in our products or by companies we work with in cooperative research and development activities. Our current or potential competitors may obtain patents that will prevent, limit or interfere with our ability to make, use or sell our products. The defense of intellectual property claims, including patent infringement suits, and related legal and administrative proceedings can be both costly and time consuming, and may significantly divert the efforts and resources of our technical personnel and management. These factors could effectively prevent us from pursuing some or all of our business operations and result in our customers or potential customers deferring, cancelingcancelling or limiting their purchase or use of our products, which may have a material adverse effect on our business, financial condition and results of operations.

On March July4, 16, 2024,2026, the Company, through TOBC, filed a lawsuitNotice of Application in the Supreme Court of British Columbia (the “Court”) againstin connection with a dispute with their landlords Steven Atkinson, Kathryn Atkinson and Janet Atkinson (the “Landlords”) requestingof athe declaration that their commercial leaseproperty located at 2904 and 29342930 Jameson Road, Nanaimo, B.C. V9R 6W86W8. datedThe Aprilapplication 1,seeks, 2022among byother things, reconsideration and betweensetting TOBCaside and their Landlords isof a validFebruary 23, 2026 order that terminated the Company’s lease and remainsgranted inthe fulllandlords forceimmediate andpossession effect.of the property. The Company also cannotseeks providerelief anyfrom assuranceforfeiture asand toreinstatement of the timinglease, of resolution or outcomealternatively ofother thisinterim matter.and related relief.

Gross Profit (Loss) Margin. Gross lossprofit margin for the year ended December 31, 20242025 is 35.9%40.5% as compared to gross profitloss margin of 2.6%35.9% for the year ended December 31, 2023.2024. This decreaseincrease is attributable to higherlower market prices and higherlower inventory reserve in comparison to the year ended December 31, 2023.2024.

Commissions Expenses. Commissions expenses increaseddecreased to $885 for the year ended December 31, 2025 from $4,490 for the year ended December 31, 2024 from $2,169 for the year ended December 31, 2023.2024. The increasedecrease is attributable to higherlower commissionable revenues.

Salaries and Wages Expense. Salaries and wages decreased to $1,668,585$1,074,800 for the year ended December 31, 20242025 as compared to $1,858,004$1,132,211 for the year ended December 31, 2023.2024. This decrease is primarily attributable to a reduction in the number of employees and the absence of stock-based compensation expense for the year ended December 31, 2024.2025.

DepreciationDirector andCompensation. Amortization.Director Depreciation and amortization expensecompensation increased to $5,866$552,048 for the year end December 31, 2025 as compared to $536,374 for the year ended December 31, 2024 as compared to $4,521 for the year ended December 31, 2023.2024. This increase is attributable to higherstock-based depreciationcompensation dueexpense in comparison to purchase of new fixed assets in the year ended December 31, 2024.

InterestDepreciation Expense.and InterestAmortization. Depreciation and amortization expense increased to $2,060,718$26,988 for the year ended December 31, 20242025 as compared to $1,771,942 $5,866 for the year ended December 31, 2023.2024. This increase is mainly attributable to thehigher amortizationdepreciation due to purchase of convertiblenew debtfixed discountassets in alongthe withyear interestended expense paidDecember for31, various note payables.2025.

NetOther Loss.Operating TheExpense. CompanyOther hadoperating aexpenses netdecreased loss76.4% ofto $12,478,487$1,854,527 for the year ended December 31, 20242025 as compared to a$7,147,468 for net loss of $4,471,612 for the year ended December 31, 2023.2024. TheThis increase in net lossdecrease is primarilymainly attributable to higher expenses recorded in 2024 that did not recur in 2025, including the valuation allowanceallowances recorded for the related party long-term receivable, the valuation allowance for advances toand receivables with related parties, the loss within AFVFLparties and the loss$1.5 million losses sustained from change the service agreement that we entered into with Afritex Texas which expired in fairAugust values of derivative and warrant liabilities.2024.

The Company had cash of $326,854$14,436 as of December 31, 2024.2025. At December 31, 2024,2025, the Company had a working capital deficit of $411,225,$2,528,067, as as compared to a working capital surplusdeficit of $899,215 at December 31, 2023, including $165,620 in stockholder loans. The Company’s primary sources of liquidity consisted of inventory of $447,760 and accounts receivable of $349,641$411,225 at December 31, 2024. The Company’s primary sources of liquidity consisted of inventory of $404,979 and accounts receivable of $55,091 at December 31, 2025. The decrease in working capital was due primarily to decreases of inventory of $2,160,761$42,781 and accounts receivable of $184,554$294,550 netted against the decreases change in thefair stockholdervalue loansof convertible notes of $165,620$1,273,474 and increase of short-termaccrued debtcompensation offor $472,760.$480,000.

Cash (Used in) Operating Activities. Cash used in operating activities during the year ended December 31, 20242025 was $6,195,893$674,560 as compared to cash used in operating activities of $3,530,662$6,195,893 for the year ended December 31, 2023,2024, representing ana increasedecrease of $2,665,231.$5,521,332. The increasedecrease is primarily attributable to aan decreaseincrease in inventory of $1,104,175$24,012 netted against the decreasesincreases in customer refunds of $323,051,$76,177, accounts receivable netted against other current assets of $488,612 and$863,593, increase in payables netted against allowance for advances to affiliated suppliers of $2,059,616$130,056, decrease in inventory obsolescence of $2,141,991, and increase in loss of revaluation of fair value of convertible notes of $1,323,039 for the year ended December 31, 2024.2025.

Cash Provided by Financing Activities. Cash provided by financing activities for the year ended December 31, 20242025 was $6,417,872$443,334 as compared to cash provided by financing activities of $3,676,355$6,417,872 for the year ended December 31, 2023.2024. This increasedecrease is mainly attributable to proceeds from common stock offerings and proceeds from short-term loans.

On January 28, 2025, the Company entered into a subordinated business loan and security agreement with Agilea third-party lender and Agilecollateral agent Capital as collateral agent, which providesproviding for a term loan toin the Company in theprincipal amount of $420,000$420,000, whichwith total repayment of principal and interest (of $176,400)$596,400 and has a maturity date of August 15, 2025. Commencing February 7, 2025, the Company is required to make weekly payments of $21,300 until the maturity date. The loan may be prepaid subject to a prepayment fee. Administrative In connection with the loan, the Company paid an administrative agent fee of $20,000 was paid on the loan$20,000, which was recognizedrecorded as a debt discount and is being amortized over the term of the loan. In connectionThe withloan theis loan,evidenced Agile was issuedby a subordinated secured promissory note,note dated January 28, 2025,2025 in the principal amount of $420,000 which noteand is secured by substantially all of the Borrowers’Company’s assets, including receivables.

On September 9, 2024, pursuant to a securities purchase agreement, the Company issued a convertible promissory note to a third-party investor in the principal amount of $179,400 with an original issue discount of $23,400 (the “September Diagonal2024 Convertible Note”). The Septembernote Diagonal Note hasincluded a one-time interest payment of of $23,322 paid upon issuance and had a maturity date of June 15, 2025. The proceeds from the Septemberissuance Diagonalwere Note areused for general working workingcapital capital.purposes. Upon the occurrence of an event of default as described in the September Diagonal Note, theThe note will become immediately due and payable at a default interest rate of 22% of the then outstanding principal amount of the note. The September Diagonal Note hasrequired an initial payment of $131,769 due on March 15, 2025, withfollowed by monthly payments of $23,651 due on the 15th of every each month thereafter untilthrough June 15, 2025. Upon the occurrence of an event of default, the note accrues default interest at a rate of 22% of the outstanding principal balance.

On October 1, 2024, pursuant to a securities purchase agreement, the Company issued to Diagonal a convertible promissory note to a third-party investor in the principal amount of $121,900 with an original issue discount of $15,900 (the “October Diagonal2024 Convertible Note”). The Octobernote Diagonal Note hasincluded a one-time interest payment of $14,628 paid upon issuance and had a maturity date of June 30, 2025. The proceeds from the saleissuance ofwere the October Diagonal Note areused for general working capital capital.purposes. Upon the occurrence of an event of default as described in the October Diagonal Note, theThe note will become immediately due and payable at a default interest rate of 22% of the then outstanding principal amount of the note. The October Diagonal Note hasrequires mandatory monthly payments of $15,170 beginning on October 30, 2024, and duecontinuing on the 30th of every each month thereafter untilthrough February 28, 2025. Upon the occurrence of an event of default, the note accrues default interest at a rate of 22% of the outstanding principal balance.

On December 16, 2024, pursuant to a securities purchase agreement, the Company issued to Diagonal a convertible promissory note to a third-party investor in the principal amount of $90,850 with an original issue discount of $11,850 (the “December Diagonal2024 Convertible Note”). The Decembernote Diagonal Note hasincluded a one-time interest payment of $10,902 paid upon issuance and had a maturity date of September 15, 2025. UponThe proceeds from the occurrenceissuance ofwere anused eventfor ofgeneral defaultworking capital aspurposes. described in the December Diagonal Note, theThe note will become immediately due and payable at a default interest rate of 22% of the then outstanding principal amount of the note. The December Diagonal Note hasrequires mandatory monthly payments of $11,306 beginning on January 15, 2025, and duecontinuing on the 15th of every each month thereafter untilthrough September 15, 2025. Upon the occurrence of an event of default, the note accrues default interest at a rate of 22% of the outstanding principal balance.

On January 28, 2025, pursuant to a securities purchase agreement, the Company issued to Diagonal a convertible promissory note to a third-party investor in the principal amount of $149,650 with an original issue discount of $19,650 (the “January Diagonal2025 Convertible Note”). The Januarynote Diagonal Note hasincluded a one-time interest payment of $19,454 paid upon issuance and had a maturity date of October 30, 2025. The proceeds from the issuance were used for general working capital purposes. The note required an initial payment of $109,918 due on July 30, 2025, followed by monthly payments of $19,728 due on the 30th of each month thereafter through October 30, 2025. Upon the occurrence of an event of default as described in the January Diagonal Note,default, the note willaccrues becomedefault immediately due and payable interest at a defaultrate interest rate of 22% of the then outstanding principal amount of the note. The January Diagonal Note has an initial payment of $109,918 due on July 30, 2025, with monthly payments of $19,728 due on the 30th of every month thereafter until October 30, 2025.balance.

Three months ended MarchJune 31,30, 2026 and 2025

Net Revenue. Revenue for the three months ended MarchJune 31,30, 2026 decreased 74.0%54.6% to $250,259$532,417 as compared to $960,758$1,172,340 for the three months ended MarchJune 31,30, 2025 as a result of a decrease in poundage sold during the three months ended MarchJune 31,30, 2026.

Cost of Goods Sold. Cost of goods sold for the three months ended MarchJune 31,30, 2026 decreased to $241,512$235,352 as compared to $869,114$919,650 for the three months ended MarchJune 31,30, 2025. This decrease is attributable to the decrease in poundage sold in the cost of goods and the adjustment to inventory allowance during the three months ended MarchJune 31,30, 2026 compared to the three months ended MarchJune 31,2025.30,2025.

Gross Profit. Gross profit for the three months ended MarchJune 31,30, 2026 decreasedincreased to $8,747$297,065 as compared to $91,644$252,690 in the three months MarchJune 31,30, 2025. This decreaseincrease is due to the adjustmentdecrease toin inventorycost allowanceof recordedgoods duringsold exceeded the decrease in revenue, resulting in an improvement in gross margin for the three months ended MarchJune 31,30, 2026 compared to the three months ended MarchJune 31,30, 2025.

SalariesCommissions. and Wages Expense. Salaries and wagesCommissions expense decreased to $182,877$0 for the three months ended MarchJune 31,30, 2026 as compared to $270,284 $460 for the three months ended MarchJune 31, 30, 2025. This decrease is mainly attributable to ano reductioncommissionable in the number of employeessales as of March 31,June 30, 2026.

OtherSalaries Operatingand Wages Expense. OtherSalaries operatingand wages expense decreased to $201,565$184,948 for the three months ended MarchJune 31,30, 2026 fromas $648,483compared to $333,226 for the three months ended MarchJune 31,30, 2025. This decrease is mainly attributable to legala andreduction professionalin expensesthe relatednumber toof ouremployees businessas operations.of June 30, 2026.

NetDepreciation Loss.and NetAmortization. lossDepreciation and amortization expense was $735,313$6,385 for the three months ended MarchJune 31,30, 2026 and as compared to $1,199,930 $6,932 for the three months ended March 31,June 30, 2025. TheThis decrease in net loss is primarilymainly attributable to the changeforeign inexchange fair value of derivative and warrant liabilities andon the interest expense.depreciation for TOBC.

The Company had cash of $16,948$11,119 as of MarchJune 31,30, 2026. At MarchJune 31,30, 2026, the Company had a working capital deficit of $3,134,850$3,136,801 and the Company’s Company’s primary sources of liquidity consisted of inventory of $355,572$393,185 and accounts receivable of $93,425.$31,561.

Cash (Used in) Operating Activities. Cash used in operating activities during the threesix months ended MarchJune 31,30, 2026 was $48,670$95,945 as compared compared to cash used in operating activities of $392,550$188,245 for the threesix months ended MarchJune 31,30, 2025. The decrease is primarily attributable to decrease in inventory of $88,842$10,369 and decrease in other current assets of $154,411,$511,467, offset by the increase in receivable of $58,424$7,445 and decrease in payables and accruals of $223,037$259,082 for the threesix months ended MarchJune 31,30, 2026 compared with the three six months ended MarchJune 31,30, 2025.

Cash (Used in) Investing Activities. Cash used in investing activities for the threesix months ended MarchJune 31,30, 2026 was $0 as compared to cash used in investing activities of $9,914 for the threesix months ended MarchJune 31,30, 2025. The decrease was mainly attributable to no purchases of fixed assets for the threesix months ended MarchJune 31,30, 2026 compared to the purchases of fixed assets for the threesix months ended MarchJune 31,30, 2025.

Cash Provided by Financing Activities. Cash provided by financing activities for the threesix months ended MarchJune 31,30, 2026 was $70,455$55,318 as compared compared to cash provided by financing activities of $80,167$9,162 for the threesix months ended MarchJune 31,30, 2025. The decrease is mainly attributable due to the decreased repayments of short-term loans and less proceeds from short-term loan during the threesix months ended MarchJune 31,30, 2026.

During the threesix months ended MarchJune 31,30, 2026, there were no payments to the note principal. As of MarchJune 31,30, 2026 and December 31, 2025, the outstanding outstanding balance on the notes was $55,500.

On January 28, 2025, the Company entered into a subordinated business loan and security agreement with a third-party lender and collateral agent providing for a term loan in the principal amount of $420,000, with total repayment of principal and interest of $596,400 and a maturity date of August 15, 2025. Commencing February 7, 2025, the Company is required to make weekly payments of $21,300 until the maturity date. The loan may be prepaid subject to a prepayment fee. In connection with the loan, the Company paid an administrative agent fee of $20,000, which was recorded as a debt discount and is being amortized over the term of the loan. For the threesix months ended MarchJune 30, 31, 2026, the Company made no principal and interest payments. The outstanding balance on the loan was $266,000 as of MarchJune 31,30, 2026.

On January 28, 2025, the Company issued a convertible promissory note to a third-party investor in the principal amount of $149,650 with an original issue discount of $19,650 (the “January 2025 Convertible Note”). The January 2025 Convertible Note has an interest rate of 13% with a one-time interest payment of $19,454 paid upon issuance and a maturity date of October 30, 2025. The proceeds from the issuance were used for general working capital purposes. Upon the occurrence of an event of default as described in the January 2025 Convertible Note, the note will become immediately due and payable at a default interest rate of 22% of the then outstanding principal amount of the note. Additionally, the third-party investor will have the right to convert all or any part of the outstanding and unpaid amount of the January 2025 Convertible Note into shares of the Company’s common stock at a conversion price of 75% of the market price as described in the note. The Company may not, without written consent, sell, lease, or otherwise dispose of any significant portion of its assets except in the ordinary course of business. The Company will reserve a sufficient number of shares to provide for the issuance of shares upon the full conversion of the January 2025 Convertible Note. For the threesix months ended MarchJune 31,30, 2026, the Company made principal principal payments on the loan totaling $6,860 and no interest payments. The outstanding balance of on the loan was $53,312 as of March 31,June 30, 2026.

On August 25, 2025, the Company issued a convertible promissory note to a third-party investor in the principal amount of $169,500 with an original issue discount of $25,425 (the “August 2025 Convertible Note”). The August Convertible Note has an interest rate rate of 13% with a one-time interest payment of $22,035 paid upon issuance and a maturity date of August 25, 2026. The proceeds from the issuance were used for general working capital purposes. Upon the occurrence of an event of default as described in the August Convertible Note, the note will become immediately due and payable at a default interest rate of 22% of the then outstanding principal amount of the note. Additionally, the third-party investor will have the right to convert all or any part of the outstanding and unpaid amount of the August Convertible Note into shares of the Company’s common stock at a conversion price of 75% of the market price as described in the note. The Company will reserve a sufficient number of shares to provide for the issuance of shares upon the full conversion of the August Convertible Note. For the threesix months ended MarchJune 31,30, 2026, the Company made no principal payments of $0 and interest payments of $8,628. The outstanding balance of on the note was $169,500 as of MarchJune 31,30, 2026. Interest expense related to the loan $14,137 for the threesix months ended MarchJune 31,30, 2026.

On December 5, 2025, the Company issued a convertible promissory note to a third-party investor in the principal amount of $73,025 with an original issue discount of $9,525 (the “December 2025 Convertible Note”). The December 2025 Convertible Note has an interest rate of 13% with a one-time interest payment of $9,493 paid upon issuance and a maturity date of December 5, 2026. The proceeds from the issuance were used for general working capital purposes. Upon the occurrence of an event of default as described in the December 2025 Convertible Note, the note will become immediately due and payable at a default interest rate of 22% of the then outstanding principal amount of the note. Additionally, the third-party investor will have the right to convert all or any part of the outstanding and unpaid amount of the December 2025 Convertible Note into shares of the Company’s common stock at a conversion price of 75% of the market price as described in the note. The Company will reserve a sufficient number of shares to provide for the issuance of shares upon the full conversion of the December 2025 Convertible Note. For the threesix months ended MarchJune 31,30, 2026, the Company made no principal and interest payments on the note. The outstanding balance of on the note was $73,025 as of MarchJune 31,30, 2026.

On September 16, 2025, the Company issued a convertible promissory note to a third-party investor in the principal amount of $47,059 with an original issue discount of $7,059 (the “September 16, 2025 Convertible Note”). The September 16, 2025 Convertible Note has an interest rate of 13% with a one-time interest payment of $6,118 paid upon issuance and a maturity date of June 16, 2026. The proceeds from the issuance were used for general working capital purposes. Upon the occurrence of an event of default as described in the September 16, 2025 Convertible Note, the note will become immediately due and payable at a default interest rate of 24% of the then outstanding principal amount of the note. Additionally, the third-party investor will have the right to convert all or any part of the outstanding and unpaid amount of the September 16, 2025 Convertible Note into shares of the Company’s common stock at a conversion price of 65% of the market price as described in the note. The Company will reserve a sufficient number of shares to provide for the issuance of shares upon the full conversion of the September 16, 2025 Convertible Note. For the threesix months ended MarchJune 31,30, 2026, the Company made made no principal and interest payments on the note. The outstanding balance on the note was $47,059. Interest expense related to the loan loan $2,039$4,078 for the threesix months ended MarchJune 31,30, 2026.

On November 13, 2025, the Company issued a convertible promissory note to a third-party investor in the principal amount of $40,000 with an original issue discount of $6,000 (the “November 2025 Convertible Note”). The November 2025 Convertible Note has an interest rate of 13% with a one-time interest payment of $5,200 paid upon issuance and a maturity date of August 13, 2026. The proceeds from the issuance were used for general working capital purposes. Upon the occurrence of an event of default as described in the November 2025 Convertible Note, the note will become immediately due and payable at a default interest rate of 24% of the then outstanding principal amount of the note. Additionally, the third-party investor will have the right to convert all or any part of the outstanding and unpaid amount of the November 2025 Convertible Note into shares of the Company’s common stock at a conversion price of 65% of the market price as described in the note. The Company will reserve a sufficient number of shares to provide for the issuance of shares upon the full conversion of the November 2025 Convertible Note. For the threesix months ended MarchJune 31,30, 2026, the Company made no principal and interest payments on the note. The outstanding balance on the note was $40,000. Interest expense related to the loan $1,733$3,466 for the threesix months ended MarchJune 31,30, 2026.

On September 18, 2025, the Company issued a convertible promissory note to a third-party investor in the principal amount of $47,059 with an original issue discount of $7,059 (the “September 18, 2025 Convertible Note”). The September 18, 2025 Convertible Note has an interest rate of 13% with a one-time interest payment of $6,118 paid upon issuance and a maturity date of June 16, 2026. The proceeds from the issuance were used for general working capital purposes. Upon the occurrence of an event of default as described in the September 18, 2025 Convertible Note, the note will become immediately due and payable at a default interest rate of 24% of the then outstanding principal amount of the note. Additionally, the third-party investor will have the right to convert all or any part of the outstanding and unpaid amount of the September 18, 2025 Convertible Note into shares of the Company’s common stock at a conversion price of 65% of the market price as described in the note. The Company will reserve a sufficient number of shares to provide for the issuance of shares upon the full conversion of the September 18, 2025 Convertible Note. For the threesix months ended MarchJune 31,30, 2026, the Company made made no principal and interest payments on the note. The outstanding balance on the note was $47,059. Interest expense related to the loan loan $2,039$4,078 for the threesix months ended MarchJune 31,30, 2026.

On March 10, 2026, the Company issued a convertible promissory note to a third-party investor in the principal amount of $57,500 (the “March 2026 Convertible Note”). The note was issued with an original issue discount of $7,500, resulting in net proceeds to the Company of $50,000. The note includes a one-time interest charge of $7,475 and has a maturity date of December 10, 2026. Upon the occurrence of an event of default, the note accrues interest at a rate of up to 24% per annum on the outstanding principal balance. The note may be prepaid in accordance with its terms and may also be convertible into shares of the Company’s common stock, subject to the provisions of the note agreement. For the threesix months ended MarchJune 31,30, 2026, the Company made no principal and interest payments on the note. The outstanding outstanding balance on the note was $57,500. Interest expense related to the loan $2,491 for the six months ended June 30, 2026.

During the threesix months ended MarchJune 31,30, 2026, the Company made aggregate principal payments on the Private Placement Notes of $29,242 of which was paid through the issuance of an aggregate of 43,152,282 shares of common stock. The outstanding balance on the loan was $33,006 as of MarchJune 31,30, 2026.

On October 29, 2025, the Company entered into a promissory note agreement with an unaffiliated third-party lender for aggregate principal of $50,000. The note bears interest at a rate of 32% per annum and matures on July 29, 2026. The proceeds are for general working capital. Upon the occurrence of an event of default as described in the note, the note will become immediately due and payable at a default interest rate of 25% of the then outstanding principal amount of the note. For the threesix months ended MarchJune 31,30, 2026, the Company made principal payments of $500$10,464 and no interest payments.payments of $3,728. The outstanding balance on the note was $41,419$31,454 as of MarchJune 31,30, 2026.

On December 7, 2024, the Company entered into a financing loan in connection with the purchase of a company vehicle. The loan has a principal amount of $69,299, bears interest at an annual rate of 9.34%, and is repayable in monthly installments of $1,450, including principal and interest, over a term of 60 months. For the threesix months ended MarchJune 31,30, 2026, the Company made no principal payments of $7,701 on the loan and interest payments of $1,222. $2,449. The outstanding balance on the loan was $56,185$48,484 as of MarchJune 31,30, 2026.