Cycurion, Inc.
For the period ended Jun 30, 2026. Filed Aug 14, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 14, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
11. Promissory Notes
- PROMISSORY NOTES
| Table 11.1: Details of Promissory Notes | ||||
|---|---|---|---|---|
| Principal Value | Unamortized Discount and Issuance Costs | Promissory Notes Carrying Balance | Weighted Average Interest Rate | |
| Balance as of December 31, 2024 | $2,498,369 | $(11,380) | $2,486,989 | 16.6% |
| Issuance | 690,558 | (77,358) | 613,200 | 13.5% |
| Repayment | (20,000) | — | (20,000) | 35.0% |
| Amortization | 36,667 | 21,297 | 57,964 | |
| Balance as of March 31, 2025 | 3,205,594 | (67,441) | 3,138,153 | 15.8% |
| Conversion to equity | (456,500) | — | (456,500) | 24.0% |
| Repayment | (50,000) | — | (50,000) | 24.0% |
| Amortization | — | 37,973 | 37,973 | |
| Balance as of June 30, 2025 | 2,699,094 | (29,468) | 2,669,626 | 14.3% |
| Repayment | (31,579) | — | (31,579) | 12.0% |
| Amortization | — | 20,616 | 20,616 | |
| Balance as of September 30, 2025 | 2,667,515 | (8,852) | 2,658,663 | 14.3% |
| Conversion to a convertible note | (166,666) | — | (166,666) | 10.0% |
| Amortization | — | 7,665 | 7,665 | |
| Balance as of December 31, 2025 | 2,500,849 | (1,187) | 2,499,662 | 14.6% |
| Amortization | — | 1,187 | 1,187 | |
| Balance as of March 31, 2026 | 2,500,849 | — | 2,500,849 | 14.6% |
| Conversion to convertible notes | (1,338,889) | — | (1,338,889) | 18.0% |
| Balance as of June 30, 2026 | $1,161,960 | $— | $1,161,960 | 10.7% |
| Table 11.2: Details of Promissory Notes | ||||||
|---|---|---|---|---|---|---|
| June 30, 2026 | December 31, 2025 | |||||
| Principal Value | Weighted Average Interest Rate | Maturity (Calendar Year) | Principal Value | Weighted Average Interest Rate | Maturity (Calendar Year) | |
| Note issued in 2017 | $250,000 | 4.0 % | 2020 | $250,000 | 4.0 % | 2020 |
| Note issued in 2020 | - | — % | — | 300,000 | 24.0 % | 2021 |
| Note issued in 2021 | 100,000 | 24.0 % | 2022 | 400,000 | 24.0 % | 2021 - 2022 |
| Notes issued in 2023 | - | — % | — | 611,111 | 12.0 % | 2023 |
| Notes issued in 2024 | 319,180 | 12.3 % | 2025 | 319,180 | 12.3 % | 2025 |
| Notes issued in 2025 | 492,780 | 10.4 % | 2025 -2026 | 620,558 | 12.0 % | 2025 -2026 |
| Funded loans payable | 1,161,960 | 10.7 % | 2,500,849 | 14.6 % | ||
| Less: Unamortized debt-issuance costs and discounts | - | (1,187) | ||||
| Total loans payable | $1,161,960 | $2,499,662 | ||||
During the second quarter of 2026, the Company exchanged five promissory notes for convertible notes and Series H Preferred Stock. The principal values and accrued interest of these notes at conversion totaled $1,338,889 and $1,054,800, respectively, for a total liability of $2,393,689. In exchange, the Company issuedtwo convertible notes payable with a combined principal balance of $2,409,751 and Series H Preferred Stock valued at $1,899,945, resulting in a $1,916,007 loss on debt settlement being recognized in the second quarter of 2026. See Note 10 - Convertible Notes Payable and Note 14 - Equity for further information.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.