Cycurion, Inc.
For the period ended Dec 31, 2025. Filed Mar 31, 2026.
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FY2025 · Filed Mar 31, 2026
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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 Western Acquisition Ventures Sponsor, LLC (the "Sponsor") for $230,000, pursuant to which the Company can borrow up to an aggregate cash 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. During the year ended December 31, 2024, the Company borrowed the full $255,556, with a discount of $25,556, resulting in net proceeds of $230,000. The Company amortized the discount of 25,556 fully in 2025. Additionally, the company has an accrued interest balance of $32,867 related to these notes as of December 31, 2025. These notes are presented with other promissory notes on the balance sheet.
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 and Security Agreement.
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 $99,653 and $119,279 for the years ended December 31, 2025 and 2024, respectively.
Loans Payable - Related Parties
| Table 20: Details of Loans Payable - Related Party | ||||
|---|---|---|---|---|
| As of December 31, · Weighted Average Interest Rate · Maturity (Calendar Year) | ||||
| 2025 · 2024 | ||||
| Loans issued to directors in 2023 | $103,400 | $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 | 123,650 | 151,150 | ||
| Less: Unamortized debt-issuance costs and discounts | - | (3,062) | ||
| Loans payable - related party - current | $123,650 | $148,088 | ||
During the year ended December 31, 2025, the Company recorded amortization of debt discount of $3,062, compared tozero U.S. dollars for the year ended December 31, 2024. It is also noted that the paydown in 2025 resulted in the total loans being only to one director as of December 31, 2025.
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