There is one constant path and loop generators; every other path is a word in those loops. Distinct words are distinct basis paths, so there are no relations among the generators. Therefore
the free associative algebra on generators, with each loop sent to its corresponding generator. For this is ; for it is noncommutative. The quiver with one loop is the case of the quiver with r loops.
Number the source vertices and the sink , and write for the arrows. The only basis paths are . Using standard matrix units, define
The relations , orthogonality of the vertex idempotents, and agree exactly with multiplication of these matrix units. The map is therefore an algebra homomorphism, and its images form a basis of the algebra
This is an explicit isomorphism of the path algebra of the subspace quiver with a -dimensional triangular matrix algebra.

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