{"url_path":"/sec/cik-0000096885/10-k/2026/item-13","section_key":"item-13","section_title":"Item 13 Certain Relationships and Related Transactions and Director Independence**","topic":"sec","document":{"doc_type":"10-K","doc_date":"2026-06-30","source_url":"https://www.sec.gov/Archives/edgar/data/96885/0001185185-26-002742-index.html","accession_number":"0001185185-26-002742","cik":"0000096885","ticker":null,"issuer_name":"TEL INSTRUMENT ELECTRONICS CORP","edgar_url":"https://www.sec.gov/Archives/edgar/data/96885/0001185185-26-002742-index.html","primary_entity_key":"0000096885","primary_entity_name":"TEL INSTRUMENT ELECTRONICS CORP"},"word_count":345,"has_tables":true,"body_markdown":"**Item\n13. Certain Relationships and Related Transactions and Director Independence**\n\n \n\nThe Company has obtained marketing and sales services\nfrom a brother-in-law of the Company’s CEO with the related fees and commissions amounting to $98,732 and $115,942 for the years\nended March 31, 2025, and 2024, respectively. Additionally, consulting fees were earned of $36,000 for each fiscal year ended March 31,\n2025 and March 31 2024. On March 31, 2025, $81,091 was due to this individual, which is included in accounts payable in the accompanying\nconsolidated balance sheet.\n\n \n\nThe Chief Executive Officer is provided with a\nNew Jersey apartment in the vicinity of the main plant for use during his onsite work schedule, the rental expense for fiscal year ended\nMarch 31, 2025, was $23,469 and $22,469 for the prior fiscal year. The lease is accounted for as a short-term lease. During June 2024,\nthe Company’s CEO provided short term advances totalling $105,500. During July 2024, an additional $40,000 was provided in short\nterm advances of which $25,000 was repaid during July 2024, with a balance owed as of yearend of $120,500. The maturity date for the principal\nbalances was July 31, 2024, in the event the lender submitted a written demand for repayment. This event did not occur, and the interest\ncontinues to accrue on the principal until paid off in full at a per annum rate of 16%. As of March 31, 2025, the accrued interest was\n$14,843. This loan in the amount of $166,500 was converted to 1,665 shares of Series D Preferred stock with a stated value of $100 on\nNovember 25, 2025.\n\n \n\n**Director\nIndependence**\n\n \n\nOn\nan annual basis, each director and executive officer are obligated to disclose any transactions with the Company in which a director\nor executive officer, or any member of his or her immediate family, have a direct or indirect material interest in accordance with Item\n407(a) of Regulation S-K.\n\n \n\nAs\nof June 25, 2025, the Board determined that the following directors are independent under these standards:\n\n \n\nRobert\nWalker, George Leon, and Robert Rice.\n\n \n\n52\n\n[Table of Contents](#TableOfContents)"}