Company: NDRA
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110887
Chunk: 76

Company: ENDRA Life Sciences Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 76
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,496, respectively.

Depreciation expense for the nine months ended
September 30, 2025 and September 30, 2024 was $33,928 and $35,489, respectively.

Note 5 - Accounts Payable and Accrued Liabilities

As of September 30, 2025 and December 31, 2024, current liabilities consisted of the following:            

    September 30,  
    December 31, 

    2025  
    2024 
  
    Accounts payable 
    $252,491  
    $269,683 
  
    Payroll accrual 
     152,556  
     63,140 
  
    Accrued employee benefits 
     5,750  
     5,750 
  
    Accrued expenses 
     260,719  
     169,720 
  
    Total 
    $671,516  
    $508,293 

Note 6 - Bank Loans

Toronto-Dominion Bank Loan

On April 27, 2020, the Company entered into a
commitment loan with TD Bank under the Canadian Emergency Business Account, in the principal aggregate amount of CAD 40,000, due and payable
upon the expiration of the initial term on December 31, 2022 which was later extended to December 31, 2023. This note bears interest on
the unpaid balance at the rate of zero percent (0%) per annum during the initial term. Under this note no interest payments were due until
January 1, 2024. Under the conditions of the loan, twenty-five percent (25%) of the loan will be forgiven if seventy-five percent (75%)
is repaid prior to the initial term date. During the three months ended March 31, 2024, the loan was repaid in full.

Note 7 - Capital Stock

Capital Stock

At September 30, 2025, the authorized capital
of the Company consisted of 30,000,000 shares of capital stock, comprised of 20,000,000 shares of common stock with a par value of $0.0001
per share, and 10,000,000 shares of preferred stock with a par value of $0.0001 per share. The Company has designated 10,000 shares of
its preferred stock as Series A Convertible Preferred Stock (“Series A Preferred Stock”), 1