RELATED PARTY TRANSACTIONS |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| RELATED PARTY TRANSACTIONS | NOTE 6 – RELATED PARTY TRANSACTIONS
The Company’s Chief Executive Officer (“CEO”), from time to time, has provided advances to the Company for its working capital purposes. The CEO had advanced funds to the Company totaling $31,072 and $6,593 as of September 30, 2025 and March 31, 2025, respectively, which is included in related party payables on the condensed consolidated balance sheet. The funds advanced are unsecured, non-interest bearing, and due on demand.
On December 1, 2020, the Company entered into an employment agreement with its CEO for a three-year term, for an annual compensation of $150,000 with a 10% annual increase in compensation effective October 1 of each year. The initial term of the employment agreement is automatically renewed for successive one-year periods unless either party gives 90 calendar days written notice of nonrenewal prior to the expiration of the then-current term. The Company has recorded in general and administrative expenses compensation expense of $54,905 and $109,808 for the three months and six months ended September 30, 2025, and $49,912 and $99,825 for the three months and six months ended September 30, 2024, respectively. The total compensation payable to the CEO was $890,765 and $780,958 as of September 30, 2025 and March 31, 2025, respectively (Note 7).
Pursuant to the terms of MEI acquisition, the Company is obligated to pay to the sole stockholder of MEI cash consideration of $500,000 on or before December 31, 2025 (Note 4). In addition, the Company entered into a consulting agreement with the sole stockholder, agreeing to pay monthly consulting fee of $16,000 for ongoing services upon close of MEI acquisition. The Company has recorded a consulting expense of $96,000 payable to the sole stockholder for the six months ended September 30, 2025, which is included in related party payables on the condensed consolidated balance sheet. The total amount payable to the sole shareholder amounted to $602,802 and $508,302 as of September 30, 2025 and March 31, 2025, respectively, which included $430,000 of the acquisition payable and $172,802 payable in consulting fees. The sole shareholder of MEI was appointed as a member of the Board of Directors of the Company upon consummation of the acquisition of MEI.
The Company is obligated to pay for services to Millenium Consultants, Inc., an entity owned by the sole selling stockholder of MEI and director, totaling $209,071 and $108,933 as of September 30, 2025 and March 31, 2025, respectively.
BLUEONE CARD, INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS September 30, 2025 and 2024 (Unaudited)
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