Company: AGSS
Filing Date: 2025-05-08
Form Type: 10-K/A
Source: 0001829126-25-003478
Chunk: 49

Company: AMERIGUARD SECURITY SERVICES, INC.
Filing Date: 2025-05-08
Form: 10-K/A
Chunk 49
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| ● | Social security Administration, SSC     |     | - | June 2022 through June 2027           
 Annual Revenue of approx. $5M         |
| ● | Social Security Administration, WBDOC   |     | - | June 2021 through July 2026           
 Annual Revenue of approx. $3M         |
| ● | Veterans Administration – Long Beach CA |     | - | Feb 2019 through June 2024            
 Annual Revenue of approx. $4.4M       |

F-15

NOTE 15 – LITIGATION AND CLAIMS

As of December 31, 2023, there are three employment issues pending. The issues revolve around terminated employees alleging the Company has failed to pay minimum wages, sick pay wages, meal period violations, rest period violations, wage statement violations and violation of the unfair business practices act. A lawsuit has been filed, but it is early in the process and the attorneys cannot comment on the merits at this time. The Company believes the suit has no merit and intends to resolve it before a trial, if possible.

Per Attorney letters issued there are no other pending cases or legal matters.

NOTE 16 – INCOME TAXES

Due to the losses incurred during the tax year ending 2022, and the expected zero tax due for 2023, there is no estimated tax liability for 2023. Therefore, no provision for income taxes has been included in the accompanying financial statements.

NOTE 17 – SUBSEQUENT EVENTS

On January 2, 2024, the Company entered into a short-term loan agreement collateralized by accounts receivable with Cedar Advance Capital. The agreement encumbered $719,250 of receivables, resulting in a note payable of $525,000; the repayment term requires $22,477 per week for 32 weeks. On the same date, the Company entered into a short-term loan agreement collateralized by accounts receivable with Velocity Capital Group. The agreement encumbered $565,150 of receivables resulting in a note payable of $412,500; the repayment term requires $17,660 per week for 32 weeks.

On January 22, 2024, the Company entered into an agreement with Lillian Flores regarding the deferral of the required shareholder buyout payment of $611,253 due December 31, 2023. The deferral of the principal payment we requested by the Company for the purpose of capital retention. The agreement allows for a $16,500