Cycurion, Inc.
For the period ended Mar 31, 2026. Filed May 14, 2026.
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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.
Mar 31, 2026 · Filed May 14, 2026
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10. Convertible Notes
- CONVERTIBLE NOTES
| Table 10: Details of Convertible Notes | |||||
|---|---|---|---|---|---|
| Principal Value | Unamortized Discount andIssuance Costs | Convertible Notes CarryingBalance | Weighted Average Interest Rate | Maturity (Calendar Year) | |
| Balance as of December 31, 2024 | $— | $— | $— | ||
| Issuance | 440,217 | (53,717) | 386,500 | 18.0% | 2026 |
| Amortization | — | 4,476 | 4,476 | ||
| Balance as of March 31, 2025 | 440,217 | (49,241) | 390,976 | 18.0% | 2026 |
| Issuance | 2,050,000 | (60,000) | 1,990,000 | 15.1% | 2026 |
| Conversion to equity | (2,490,217) | 82,465 | (2,407,752) | 18.0% | 2026 |
| Amortization | — | 26,776 | 26,776 | ||
| Balance as of June 30, 2025 | — | — | — | ||
| Issuance | — | — | — | ||
| Balance as of September 30, 2025 | — | — | — | ||
| Issuance | 192,897 | — | 192,897 | 12.0% | 2027 |
| Balance as of December 31, 2025 | 192,897 | — | 192,897 | 12.0% | 2027 |
| Issuance | — | — | — | ||
| Balance as of March 31, 2026 | $192,897 | $— | $192,897 | 12.0% | 2027 |
During the first quarter of 2025, the Company issued convertible notes in the amount of $440,217 for proceeds of $386,500 tothree unaffiliated investors. The notes had aone year term and carried an annual interest rate of 18.0%.
During the second quarter of 2025, the Company issued convertible notes in the amount of $2.1 million for proceeds of $2.0 million. All convertible notes were fully converted to Series G Convertible Preferred Stock. See Note 15 – Equity.
During the fourth quarter of 2025, the Company issued convertible notes in the amount of $192,897 toone investor, Yield Point LLC. These notes were issued in connection with the repayments oftwo promissory notes. No cash was received or paid by the Company. This convertible note carries an annual interest rate of 12.0% and has aone year term.
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