Company: AGSS
Filing Date: 2025-05-12
Form Type: 10-K
Source: 0001829126-25-003553
Chunk: 556

Company: AMERIGUARD SECURITY SERVICES, INC.
Filing Date: 2025-05-12
Form: 10-K
Item: Item 9
Chunk 556
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 2023, the balance of $766,667
was outstanding, and is included as current portion of notes payable. During 2024, the Company was unable to pay the weekly payments as required by the note and went into default in April 2024. Negotiations
for lower payments and total interest due continued throughout the following months and a final settlement was achieved in February 2025.
See note 15 Subsequent Events for details. Balance due December 31, 2024, of $580,000 includes all principal and interest due per final
settlement.

On January 2, 2024, the Company entered
into a short-term loan agreement collateralized by accounts receivable with Cedar Advance Capital. The agreement encumbered $719,250
of receivables, resulting in a note payable of $525,000; the repayment term requires $22,477 per week for 32 weeks. During 2024, the
Company was unable to pay the weekly payments as required by
the note and went into default in April 2024. Negotiations for lower payments and total interest due continued throughout the following
months and a final settlement was achieved in February 2025. See note 15 Subsequent Events for details. Balance due December 31, 2024,
of $475,000 includes all principal and interest due per final settlement.

On
January 2, 2024, the Company entered into a short-term loan agreement collateralized by accounts receivable with Velocity Capital
Group. The agreement encumbered $565,150 of receivables resulting in a note payable of $412,500; the repayment term requires $17,660
per week for 32 weeks. During 2024, the Company was unable to pay the weekly payments as required by the note and went into default in
April 2024. Negotiations for lower payments and total interest due continued throughout the following months and a final settlement was
achieved in February 2025. See note 15 Subsequent Events for details. Balance due December 31, 2024, of $420,000 includes all principal
and interest due per final settlement.

On
April 16, 2024, The Company entered into a short-term loan agreement with 1800 Diagonal Lending LLC. The amount funded was $90,850,
reduced by an original issue discount and fee of $15,850 and
with an interest rate of 12%. Note
requires