SEC Contract Filing

Filing Date: 2025-06-30

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>5
<FILENAME>ex10-3.htm
<DESCRIPTION>EX-10.3
<TEXT>
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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
10.3</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADDENDUM
#1 TO LOAN AGREEMENT</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Addendum #1 to Loan Agreement (this &ldquo;<B>Addendum</B>&rdquo;) is intended to amend and supplement the Business Loan and Security
Agreement between the parties (the &ldquo;<B>Agreement</B>&rdquo; or &ldquo;<B>Loan Agreement</B>&rdquo;), and is incorporated into such
Loan Agreement. In the event of any inconsistency between this Addendum and the Loan Agreement, this Addendum shall control.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
anything to in the Loan Agreement to the contrary, the Parties agree as follows:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
<B><U>PAYMENT OF PRINCIPAL AND INTEREST</U></B>. Unless the Loan Agreement is otherwise accelerated, or extended in accordance with the
terms and conditions hereof, the entire outstanding principal balance of the Loan Agreement plus all accrued interest shall be due and
payable in full on July 14, 2027 (the &ldquo;<B>Maturity Date</B>&rdquo;). Notwithstanding anything to the contrary in the Loan Agreement,
the Loan Amount shall be payable upon demand of Lender on or after December 15, 2026.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
<B><U>BI-WEEKLY PAYMENTS AND BALLOON</U></B>. Borrower shall make Bi-Weekly payments of $75,000 to Lender. The bi-weekly payments shall
begin on July 10, 2025. The outstanding principal amount, together with any additional interest payable in accordance with Section 3,
shall be due and payable on the Maturity Date or the date which Lender demands payment on or after December 15, 2025.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
<B><U>PAYMENT OF INTEREST</U></B>. Borrower will pay to Lender interest in the amount of $675,000.00 which is the amount of interest
payable through the Maturity Date. On the execution of the Loan Agreement, Borrower will pay to Lender the interest due under the Loan
Agreement for the entire two year term (i.e., $675,000.00) by the issuance of 225,000 shares of the Borrower&rsquo;s shares of common
stock, valued for purposes of this issuance at $3.00 per share (the &ldquo;<B>Interest Shares</B>&rdquo;). The interest and the Interest
Shares will be fully earned on issuance and will not be subject to decrease or offset if the Loan Agreement is repaid prior to the Maturity
Date. The Interest Shares will be registered with the United States Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;)
under the Securities Act of 1933, as amended (together with the rules and regulations promulgated thereunder, the &ldquo;<B>Securities
Act</B>&rdquo;) and will be freely transferable by Lender subject to the Bleed Out (defined herein). Upon receipt of the Interest Shares,
Lender may sell the Shares; provided, that Lender will not sell a number of shares more than 20% of the average daily volume of the Borrower&rsquo;s
common stock in any given Trading Day, as reported by the Trading Market (the &ldquo;<B>Bleed Out</B>&rdquo;). If, upon sale of all of
the Interest Shares, Lender has received aggregate proceeds of less than $675,000.00, Borrower must make up the shortfall in the form
of a cash payment at the time the loan is repaid provided, however, Lender did not violate the Bleed Out. &ldquo;<B>Trading Day</B>&rdquo;
means a day on which the principal Trading Market is open for trading. &ldquo;<B>Trading Market</B>&rdquo; means The Nas