Company: BUDZ
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001096906-25-000350
Chunk: 513

Company: WEED, INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 5
Chunk 513
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, 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 and December 31, 2023, respectively:

     Schedule of notes payable 

    December 31, 2024  
    December 31, 2023 

    On various dates, the Company received advances from consultant, Patrick Brodnik, with 0% interest in 2022. The note was fully paid off in 2024. 
    $-  
     3,661 

    $-  
    $3,661 

The Company recognized interest expense of $0 and
$0 related to the note payables for the years ended December 31, 2024 and 2023, respectively.

Note 9 – Commitments and Contingencies

Operating Leases

We account for our lease under ASC 842. Under this
guidance, arrangements meeting the definition of a lease are classified as operating and are recorded on the consolidated balance sheet
as both a right of use asset and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit
in the lease. Lease liabilities are increased by interest and reduced by payments each period, and the right of use asset is amortized
over the lease term.

The rate implicit in