Cycurion, Inc.
For the period ended Jun 30, 2025. Filed Aug 13, 2025.
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Jun 30, 2025 · Filed Aug 13, 2025
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18. Related Party Transactions
- RELATED PARTY TRANSACTIONS
Promissory Note – Related Party
On September 20, 2024, the Company entered into a promissory note with the Sponsor for $230,000, pursuant to which the Company can borrow up to an aggregate principal amount of $230,000. The Promissory Note, with an interest rate of 10% per annum is payable upon the sooner of the consummation of the Business Combination with Cycurion. As of June 30, 2025, the Company had borrowed the full $230,000 and nothing was available for withdrawal. The Company deemed the interest on the loan to be immaterial and as such did not record any interest relating to the note as of June 30, 2025.
Personal guarantees were entered by Emmit McHenry, Kurt McHenry, and Alvin McCoy III, as officers and stockholders of the Company in support of the Main Street Bank loan.
Axxum purchased an AT&T contract relationship from Archura, LLC, a company owned by Emmit McHenry and Kurt McHenry at the end of 2018. The contract relationship includes five purchase orders to deliver networking services to AT&T and its clients. The total sales of these five purchase orders were $83,790 and $119,279, as of June 30, 2025 and December 31, 2024, respectively.
Loans payable
Table 18: Details of Loans Payable - Related Party
| June 30, 2025 | December 31, 2024 | Weighted Average Interest Rate | Maturity (Calendar Year) | |
|---|---|---|---|---|
| Loans to two directors issued in 2023 | $130,900 | $130,900 | 24.0% | 2023 |
| Loan to a director issued in 2024 | 20,250 | 20,250 | 24.0% | 2025 |
| Funded loans payable - related party principal | 151,150 | 151,150 | ||
| Less: Unamortized debt-issuance costs and discounts | (778) | (3,062) | ||
| Loans payable - related party - current | $150,372 | $148,088 | ||
During the six months ended June 30, 2025 and 2024, the Company record amortization of debt discount of $2,285 and $0, respectively.
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