RELATED PARTY TRANSACTIONS |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 $29,072 and $6,593 as of December 31, 2025 and March 31, 2025, respectively, which is included in related party payables on the condensed consolidated balance sheets. 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 $60,394 and $170,202 for the three months and nine months ended December 31, 2025, and $54,904 and $154,729 for the three months and nine months ended December 31, 2024, respectively. The total compensation payable to the CEO was $951,159 and $780,958 as of December 31, 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 June 30, 2026 (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 $144,000 payable to the sole stockholder for the nine months ended December 31, 2025, which is included in related party payables on the condensed consolidated balance sheets. The total amount payable to the sole shareholder of MEI amounted to $651,402 and $508,302 as of December 31, 2025 and March 31, 2025, respectively, which included $430,000 of the acquisition payable and $221,402 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 $218,288 and $108,933 as of December 31, 2025 and March 31, 2025, respectively.
BLUEONE CARD, INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS December 31, 2025 and 2024 (Unaudited)
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