Company: AGSS
Filing Date: 2025-05-12
Form Type: 10-K
Source: 0001829126-25-003553
Chunk: 317

Company: AMERIGUARD SECURITY SERVICES, INC.
Filing Date: 2025-05-12
Form: 10-K
Item: Item 4
Chunk 317
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. Balance remains in the amount of $2,697,960. All interest due was paid December 28, 2023, resulting in a balance of $0 on December 31, 2023. The Company requested a deferral of the payment of principal due December 31, 2023, and received a deferral from Mrs. Flores. 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 was requested by the Company for the purpose of capital
retention. The agreement allows for a $16,500 monthly principal and interest payment starting in January 2024 through June 2024. Monthly
interest is calculated at $1,585, leaving $14,915 applied to the principal. The agreement requires the remaining deferred principal of
$521,763 to be paid by the Company on or before June 30, 2024. On June 30, 2024, Lillian Flores agreed to continue the extension payments
of $16,500 amortized at 5%, with the remaining amount due December 31, 2026. Balance due December 31, 2024, was $2,531,096, on December
31, 2023, the balance due was $2,697,960.

On December 20, 2023, the company entered
into a short-term loan agreement collateralized by accounts receivable from TVT Capital LLC. The agreement encumbered $1,199,200
of receivables resulting in a note payable of $800,000;
the repayment term requires $49,967
per week for 24 weeks. As of December 31, 2023, the balance of $766,667
was outstanding, and is included as current portion of notes payable. During 2024, the Company was unable to pay the weekly payments as required by the note and went into default in April 2024. Negotiations
for lower payments and total interest due continued throughout the following months and a final settlement was achieved in February 2025.
See note 15 Subsequent Events for details. Balance due December 31, 2024, of $580,000 includes all principal and interest due per final
settlement.

On January 2, 2024, the Company entered
into a