RELATED PARTY TRANSACTIONS |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS | 10. RELATED PARTY TRANSACTIONS
Convertible Notes Due to Related Parties
During the period ended June 30, 2025 and December 31, 2024, there was no change in related party notes.
The holders of the related party convertible notes can convert the notes into common shares at any time, into the Company’s common shares at $ to $ per share; however, they are limited to convert 50% of the outstanding principal and interest of their notes, with the remaining due in cash.
Accrued wages and costs - In order to preserve cash for other working capital needs, various officers, members of management, employees and directors agreed to defer portions of their wages and sometimes various out-of-pocket expenses since 2011. As of June 30, 2025, and December 31, 2024, the Company owed $195,791, respectively, for such deferred wages and other expenses owed for other services which are included in the accrued expenses – related parties on the accompanying balance sheet. There were no new related party transactions in the quarter ended June 30, 2025.
Officer Loans
From time-to-time our officers have loaned funds on a short-term basis for operational needs. These loans bear interest at 10% per annum. As of June 30, 2025 and December 31, 2024, the balances on these loans were $45,000 and $45,000, respectively.
|