Company: ARAI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023457
Chunk: 23

Company: Arrive AI Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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 is collateralized
    by the respective vehicle and is due in February 2027. 
    $12,745  
    $19,082 

    Less current portion 
     (8,982) 
     (8,524)

    LONG-TERM PORTION 
    $3,763  
    $10,558 

The
balance of the above debt matures as follows:

  SCHEDULE
OF MATURITIES OF LONG-TERM DEBT

    Twelve Months
    Ending September 30, 
    Amount 
  
    2026 
    $8,982 
  
    2027 
     3,763 

    TOTAL 
    $12,745 

Interest
expense related to this note payable for the three and nine months ended September 30, 2025 and 2024, was $248 and $855 and $389 and
$1,277, respectively.

    - 20 -

ARRIVE
                                            AI INC. 

NOTES
                                            TO FINANCIAL STATEMENTS (Continued)

  12.
  CONVERTIBLE NOTE PAYABLE

On
March 21, 2025, the Company issued a convertible promissory note with a face amount of $4,330,000, with a $4,000,000 initial purchase
price and a $320,000 original issue discount, to Streeterville Capital LLC (“Streeterville”). On August 11, 2025 the Company
issued a second convertible promissory note with a face amount $4,320,000, with a $4,000,000 initial purchase price and a $320,000 original
issue discount, to Streeterville. The notes bear interest at a rate of 8% per annum and are pursuant to a Securities Purchase Agreement
(the “Purchase Agreement”) dated March 21, 2025. Under the purchase agreement, Streeterville agrees to purchase an amount
of up to $40,000,000 in pre-paid purchases of the Company’s common stock, $0.0002 par value per share. The original principal amount
is a $8,650,000 pre-paid purchase with a $8,000,000 initial purchase price and $640,000 original issue discount. In addition, the Company
paid $10,000 to cover Streeterville’s transaction expenses, along with 62,500 shares of common stock issued as a commitment fee
at closing, with a fair value of $812,