Company: OMTK
Filing Date: 2025-04-16
Form Type: 10-K/A
Source: 0001096906-25-000528
Chunk: 64

Company: Omnitek Engineering Corp
Filing Date: 2025-04-16
Form: 10-K/A
Chunk 64
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 |       -4,877 |
| Closing allowance                 |      |    1,008,049 |     |      |      922,878 |
| Total                             | $    |      267,616 |     | $    |      370,838 |

The Company has established an allowance for obsolete inventory. The net change in obsolete inventory has an increase of $ and decrease of $, for the years ended December 31, 2024, and December 31, 2023, respectively.

NOTE 7 – PROPERTY AND EQUIPMENT

Property and equipment at December, 2024, and 2023, consisted of the following:

|                                | 2024 | December 31, |     | 2023 | December 31, |
|:-------------------------------|:-----|-------------:|:----|:-----|-------------:|
| Production/Office equipment    | $    |       74,792 |     | $    |       68,456 |
| Leasehold Improvements         |      |        4,689 |     |      |        4,689 |
| Less: accumulated depreciation |      |      -70,808 |     |      |      -67,478 |
| Total                          | $    |        8,673 |     | $    |        5,667 |

Depreciation expense for the years ended December 31, 2024, and 2023, was $ and $, respectively.

Page F-13 OMNITEK ENGINEERING CORP. Notes to Financial Statements December 31, 2024, and 2023

NOTE 8 – NOTES PAYABLE – RELATED PARTIES

Convertible Notes – Related Parties

On June 4, 2021, the Company issued an unsecured convertible promissory note for $ to its CEO. Simple interest at the rate of % per annum accrues on the unpaid principal balance of the note. The note calls for monthly installment payments of $1,050 commencing on July 4, 2021. The unpaid principal and accrued interest was due and payable on or before June 4, 2023. On the maturity date, June 4, 2023, the lender elected to transfer the unpaid principal balance of $7,940 to the Working Capital Promissory Note.

On June 4, 2021, the Company issued a convertible promissory note for $ to a board member. The note has an annual interest rate of