| ACCOUNTS PAYABLES AND ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES |
NOTE
8 – ACCOUNTS PAYABLES AND ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
On
December 31, 2025, there was $595,500
due in form of payroll and advanced expenses, as well as a short-term loan
from affiliates of $395,668
and $52,459
in accrued interest. On December 31, 2024, there was $140,333 in form of payroll and advanced
expenses, as well as a short-term loan from affiliates of $241,078 and $6,950 in accrued interest.
In
the first nine months of 2025, management has forfeited $941,890 in payroll and affiliated expenses. Payroll accruals from prior year
in the amount of $214,780 was eliminated against additional paid-in capital, while current years payroll expenses of $727,110 was reversed
in general and administrative expenses.
The
following table represents the major components of accounts payables and accrued expenses and other current liabilities at December 31,
2025, and 2024:
SCHEDULE
OF ACCOUNTS PAYABLES AND ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
| | |
December 31, 2025 | | |
December 31, 2024 | |
| Payroll affiliates (1) | |
$ | 577,500 | | |
$ | 128,333 | |
| Pension/401K | |
| 114,534 | | |
| 74,504 | |
| Payroll taxes | |
| 43,787 | | |
| 11,944 | |
| Accounts payable affiliates (1) | |
| 18,000 | | |
| 12,000 | |
| Professional fees | |
| 412,521 | | |
| 47,777 | |
| Other accounts payable | |
| 838 | | |
| 394 | |
| Interest affiliates (3) | |
| 52,459 | | |
| 6,950 | |
| Interest | |
| 277,956 | | |
| 143,642 | |
| Un-issued shares affiliates (2) | |
| 82,006 | | |
| 132,639 | |
| Un-issued shares | |
| 16,272 | | |
| 91,729 | |
| Loan from Affiliates (3) | |
| 395,668 | | |
| 241,078 | |
| Short Term loan | |
| 50,000 | | |
| 48,000 | |
| Convertible note payable | |
| 805,000 | | |
| 805,000 | |
| Derivative Liability | |
| 403,353 | | |
| 186,652 | |
| Total | |
$ | 3,249,894 | | |
$ | 1,930,642 | |
| (1) |
For each of
CFO and CEO, there was $210,000 in accrued payroll and $3,500 for advanced expenses due, there was also $157,500 and $11,000 in accrued
payroll and advanced expenses due to the former CCO at December 31, 2025. For each of CFO and CEO, there was $46,668 in accrued payroll
and $4,000 for advanced expenses due, there was also $35,000 and $4,000 in accrued payroll and advanced expenses due to the former
CCO at December 31, 2024. |
| (2) |
The amount is to be converted
into shares of Common Stock whereof on December 31, 2025, $82,006 is to our Directors for their attendance in board and committee
meetings during the fourth quarter. On December 31, 2024 this amount was $132,639. |
| (3) |
On December 31, 2025, the
Company has a $395,668 loan from an affiliated company with an interest rate of 8%. The accrued interest is currently $52,459. On
December 31, 2024, the Company the loan was $241,078 and the accrued interest $6,950. |
|