Company: ARAI
Filing Date: 2025-07-15
Form Type: S-1/A
Source: 0001641172-25-019572
Chunk: 190

Company: Arrive AI Inc.
Filing Date: 2025-07-15
Form: S-1/A
Chunk 190
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ARRIVE AI INC.

(FORMERLY ARRIVE TECHNOLOGY INC.)

NOTES TO FINANCIAL STATEMENTS (Continued)

| 9. | NOTE                
 PAYABLE (Continued) |

The balance of the above debt matures as follows:

SCHEDULE OF MATURITIES OF LONG-TERM DEBT

| Year Ended December 31, 
 2025                    |     | Amount |  8,524 |
|:------------------------|:----|:-------|-------:|
| 2026                    |     |        |  9,140 |
| 2027                    |     |        |  1,418 |
| TOTAL LONG-TERM DEBT    |     | $      | 19,082 |

Interest expense related to this note payable for the years ended December 31, 2024 and 2023, was $ 1,635and $ 2,937, respectively.

10. COMMITMENTS AND CONTINGENCIES

On January 29, 2024, the Company was included in the SEC Form F-4 filed by Brüush Oral Care, Inc. to register the intent of the parties to merge into a new public company, per the signed Merger Agreement of December 15th. Bruush failed to remedy several deficiencies cited by Nasdaq in a timely manner, and was officially de-listed from the Nasdaq exchange on or about June 28, 2024.

As a direct consequence of the delisting of Bruush shares, the merger was terminated. The terms of the merger included a termination fee of $ 250,000in the event either party caused the termination. The Company assessed the collection of the termination fee as not probable, thus a receivable has not been recorded.

Lease Obligation

Effective April 1, 2024, the Company expanded its leased office space. The new term is nine months, and thereafter a month-to-month lease which can be canceled with a 90-day written notice and agreement to suitable terms by both parties. Under this lease, base rent is $ 3,600per month. The Company is required to pay insurance, listing the property owner as an additional insured, and normal maintenance costs for certain of this leased property.

Under FASB ASU No. 2016-02, Topic 842, Leases, allows companies to elect certain policies for short-term leases. To qualify as a short-term lease, a lease must have an initial term of 12 months or less and