Company: BUDZ
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001096906-25-000350
Chunk: 333

Company: WEED, INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 333
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, however, the Mr. Leitzman is deemed to be a related party given the non-interest-bearing nature of the loan and the materiality of the debt at the time of origination. 
    $2,000  
     2,000 

    Over various dates in 2011 and 2012, the Company received unsecured loans in the aggregate amount of $10,000, due on demand, bearing interest at 10%, from Sandra Orman. The largest aggregate amount outstanding was $10,000 during the periods ended December 31, 2019 and December 31, 2018. Mrs. Orman owns less than 1% of the Company’s common stock, however, Mrs. Orman is deemed to be a related party given the nature of the loan and the materiality of the debt at the time of origination. 
    $10,000  
     10,000 

    On various dates in 2024, the company received the aggregate amount of $305,000 of advances, bearing interest at 5% and 12%, from Glenn Martin. 
    $305,000  
    $- 

    On May 2, 2022, the company acquired Hempirical Genetics, LLC with a note payable to the executive officer Jeffrey Miller with no interest. Payments of $25,000 and $60,000 were made toward the note in 2024 and 2023, respectively. 
    $120,000  
    $145,000 

    Notes payable, related parties 
    $437,000  
    $157,000 

    Less: Loan fee, net of amortization 
     13,672  
     23,927 

    Notes payable, related parties 
    $423,328  
    $133,073 

    F-13

Note 7 – Notes Payable, Related Parties (continued)

The Company recorded interest expense in the
amount of $5,070
and $45,274 for
the years ended December 31, 2024 and 2023, respectively, including debt amortization expense of $10,255 and $14,545 and imputed
interest expense in the amount of $1,200
and $21,494, respectively,
during such periods related to notes payable, related parties.

Note 8 – Notes Payable

Note payable consist of the following at December
31, 2024