NOTE 8 - DUE TO RELATED PARTIES |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| NOTE 8 - DUE TO RELATED PARTIES | NOTE 8 – DUE TO RELATED PARTIES Due to related parties is comprised of the following: Current
Long-Term
Total due to related parties was $350,621 and $292,397 as of December 31, 2025 and 2024, respectively. All related party transactions are subject to Board review and approval and are accounted for in accordance with ASC 850. Advances from officers represent cash advances made by Company officers to fund operating expenses, as well as payments made by officers on behalf of the Company. All amounts due to officers are unsecured and non-interest bearing. During the year ended December 31, 2025, Company officers advanced $12,067 to the Company and received repayments totaling $24,270 in cash and $5,288 through personal charges to the Company’s credit card. During the year ended December 31, 2024, Company officers advanced $41,758 to the Company. Repayments totaled $1,167, all of which were made through personal charges to the Company’s credit card; no cash repayments were made. The Company’s Chief Financial Officer is engaged under a consulting arrangement and is not a W-2 employee. As of December 31, 2025 and 2024, accrued but unpaid fees totaled $266,000 and $218,000, respectively. During the year ended December 31, 2025 the Company recorded $48,000 in consulting fees and made no repayments on the debt. Additionally, the Company recorded $4,480 for Restricted Stock Awards that vested during the year (see Note 10). In August 2024, the Company issued an unsecured promissory note to its Chief Executive Officer in the principal amount of $4,500. The note bears interest at 20% per annum and matured on February 12, 2025. As of December 31, 2025 and 2024, the note remained unpaid and in default. Interest expense related to this note was $900 and $348 for the years ended December 31, 2025 and 2024, respectively. Accrued interest was $1,248 and $348 as of December 31, 2025 and 2024, respectively. On April 18, 2025, the Company issued a $25,000 Series 2025 mandatorily convertible note to the spouse of a Company director. See Note 5. The note matures on April 18, 2028 and is considered a related party transaction. The note was issued on the same terms as those offered to unaffiliated investors. Interest expense related to this note was $1,815 for the year ended December 31, 2025. Accrued interest was $1,815 as of December 31, 2025. |
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