Company: AHRO
Filing Date: 2025-04-16
Form Type: 10-K
Source: 0001477932-25-002774
Chunk: 246

Company: Authentic Holdings, Inc.
Filing Date: 2025-04-16
Form: 10-K
Item: Item 13
Chunk 246
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 a corporation controlled by the same owner-group of Global Fiber Technologies, Inc. The promissory note bears 3% interest per annum and has a one-year term with eight options to extend the maturity date for three-month periods. Accrued interest on December 31, 2024, and 2023 amounted to $75,224 and $61,809, respectively. Convertible Notes Payable – related party  In August 2015, the Company issued an unsecured promissory note to an investor in the amount of $50,000, convertible to common stock at $1.00 per share. The note bears an interest rate of 8% per annum and matured on August 8, 2016. The note is currently unpaid and in default. The note does not contain a beneficial conversion feature. Accrued interest on December 31, 2024 and 2023 amounted to $39,568 and $37,068, respectively. Related Party Loans The Company received a loan from its’ CEO Paul Serbiak totaling $210,534, plus accrued interest of $71,291 and $63,923 on December 31, 2024, and 2023, respectively.  The Company incurred interest expense of $7,369 and $8,544, respectively.   Balances of all loans due to related parties as of December 31, 2024:   Principal  Accrued Interest  Total Promissory note - related party $447,150  $75,224  $522,374 Convertible notes – Related party  50,000   39,568   89,568 Related Party Loans  210,533   71,292   281,825 Total Related Parties Loans  707,684   186,084  $893,767  On December 31, 2024, related party loans with a face value of $447,150 were in default. Accrued Compensation The Company had $588,751 and $501,250 in accrued compensation due to current and former management on December 31, 2024, and 2023, respectively.  Management has waived compensation for the nine months ended September 30, 2024, and year ended December 31, 2023. Beginning in October 2024, the Company began accruing a salary expense of $350,000