Company: VYND
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001079973-25-000779
Chunk: 8

Company: Vynleads, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Item 8
Chunk 8
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 2.5 times of the average monthly payroll expenses of the qualifying business. The loan matures on April 20, 2022 and bears an interest rate of 1.00% fixed per annum, payable monthly commencing on October 20, 2020. The loan is forgivable if the proceeds are used for eligible purposes. We have used the entire loan amount for qualifying expenses and the forgiveness is pending the completion of the application. The Company received a $6,250 courtesy credit from the lender on September 15, 2021. As of March 31, 2025 and December 31, 2024 , the loan balance was $5,282 and $5,768, respectively. The monthly payment beginning October 4, 2021 is $3,433. The Company has submitted the application for forgiveness of the PPP Loan in accordance with the terms of the CARES Act and are in discussions with Bank of America (the lender). During the loan forgiveness process, repayment is temporarily deferred for borrowers until the SBA remits the final loan forgiveness amount to the lender. If granted full forgiveness, Bank of America confirmed that interest and penalties would be removed along with the principal of the loan.
  
    (c)
     
    On October 20, 2022, the Company executed a note payable to an individual in the amount of $25,000, interest accrues 5% per annum, unsecured, and due date one year after execution, or the date in the which the company seems one million in total investment capital, whichever occurs first

The Company had total accrued interest for related
party and non-related party notes payable of $16,493 and $15,568 which is included in accounts payable and accrued expenses, as of March
31, 2025 and December 31, 2024, respectively.

6.       Commitments
and Contingencies

Employment Agreement

On June 14, 2018, we entered into an employment agreement
with Mr. Mannine pursuant to which he was engaged to serve as our Chief Executive Officer. The initial term of the agreement expires in
June 2023, subject to successive automatic one- year renewals unless a non-renewal notice is received by either party at least 90 days
prior to the expiration of the then current renewal term.

Mr. Mannine’s compensation includes:

    ·  
    an annual base salary of $130,000, subject to an annual review with