Company: ARAI
Filing Date: 2025-06-05
Form Type: 10-Q
Source: 0001641172-25-013826
Chunk: 17

Company: Arrive AI Inc.
Filing Date: 2025-06-05
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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     (1,099)

    TOTAL
    PATENTS 
    $273,299  
    $273,601 

As
of March 31, 2025, five (5) of the Company’s sixty-two (62) patents were approved and began being amortized over twenty years.
As of March 31, 2024, three (3) of the Company’s forty-six (46) patents were approved by the countries in which the patent applications
were filed. Amortization expense was $302 and $159 for the three months ended March 31, 2025 and 2024, respectively.

     - 16 - 

ARRIVE
                                            AI INC. 

(FORMERLY
ARRIVE TECHNOLOGY INC.)

NOTES
TO FINANCIAL STATEMENTS (Continued)

10. NOTE PAYABLE

Note
payable consists of the following:

SCHEDULE OF
NOTES PAYABLE 

    March
    31, 2025  
    December
                                                                                                                         31, 2024 
  
    Vehicle
    note payable for $40,248 with monthly installment payments of $799, including interest at 6.99% per annum. The loan is collateralized
    by the respective vehicle and is due in February 2027. 
    $17,007  
    $19,082 

    Less
    current portion 
     (8,674) 
     (8,524)

    LONG-TERM
    PORTION 
    $8,333  
    $10,558 

The
balance of the above debt matures as follows:

 SCHEDULE
OF MATURITIES OF LONG-TERM DEBT

    Twelve
    Months Ending March 31, 
    Amount 
  
    2026 
    $8,674 
  
    2027 
     8,333 

    TOTAL 
    $17,007 

Interest
expense related to this note payable for the three months ended March 31, 2025 and 2024, was $321 and $461, respectively.

11. COMMITMENTS AND CONTINGENCIES

On
January 29, 2024, the Company was included in the SEC Form F-4 filed by Brüush Oral Care, Inc. (Bruush) to register the intent of
the parties to merge into a new public company, per the signed Merger Agreement of December 15,