Company: OMTK
Filing Date: 2025-04-16
Form Type: 10-K/A
Source: 0001096906-25-000528
Chunk: 66

Company: Omnitek Engineering Corp
Filing Date: 2025-04-16
Form: 10-K/A
Chunk 66
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Notes Payable – Related Party

On January 19, 2017, the Company issued a promissory note for $ to a related party. The note has an annual interest rate of % and is unsecured. The principal amount of the note and all accrued interest is due and payable on or before January 19, 2018. The maturity date of the note was extended annually for additional one-year period, with a current due date of January 19, 2024. On September 15, 2023, the lender elected to transfer the unpaid principal balance of $15,000 to the Working Capital Promissory Note.

On March 23, 2023, the Company issued a Working Capital Promissory Note, in favor of its CEO, evidencing the additional loans to the Company by the CEO, with an Initial Principal Balance of $20,000, and to evidence any future additional loans by the CEO to the Company thereafter. Pursuant to the terms of the note, the unpaid principal and accrued simple interest at the rate of 8.0% per annum (“Applicable Rate”) shall be due and payable on or before March 22, 2024, (the “Maturity Date”). The principal amount of the note shall be increased by the amount of any additional advances of funds made by the CEO to the Company, from time-to-time, with interest thereon at the applicable Rate, from the date of such advance. On March 22, 2024 the Maturity Date of the Working Capital Promissory Note was extended to March 23, 2026.

Page F-14 OMNITEK ENGINEERING CORP. Notes to Financial Statements December 31, 2024, and 2023

NOTE 8 – NOTES PAYABLE – RELATED PARTIES (continued)

As of December 31, 2024, and December 31, 2023 Note Payable – Related Party consisted of the following:

|                             | December 31, 
 2024         |   |        |     | December 31, 
 2023         |   |        |
|:----------------------------|:-------------|:--|-------:|:----|:-------------|:--|-------:|
| Note payable, related party |              | $ | 44,940 |     |              | $ | 37,940 |
| Total                       |              | $ | 44,940 |     |              | $ |