| ACCOUNTS PAYABLES AND ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES |
NOTE
7 – ACCOUNTS PAYABLES AND ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
On
March 31, 2026, there was $787,500
due in form of accrued liabilities and accounts payable. Further there was a short-term loan from affiliates of $355,598
and $45,379
in accrued interest. On December 31, 2025, there was $577,500
in form of accrued liabilities and accounts payable while the short-term loan amounted to $395,668
and the accrued interest $52,459.
The
following table represents the major components of accounts payable and accrued expenses and other current liabilities at March 31,
2026, and December 31, 2025:
SCHEDULE OF ACCOUNTS PAYABLES AND ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
| | |
March
31, 2026 | | |
December
31, 2025 | |
| Affiliate
liabilities (1) | |
$ | 787,500 | | |
$ | 577,500 | |
| Pension/401K | |
| 155,160 | | |
| 114,534 | |
| Payroll
tax reserve | |
| 55,728 | | |
| 43,787 | |
| Accounts
payable affiliates (1) | |
| 11,000 | | |
| 18,000 | |
| Professional
fees | |
| 561,484 | | |
| 412,521 | |
| Other
accounts payable | |
| 4,805 | | |
| 838 | |
| Interest
affiliates (3) | |
| 45,379 | | |
| 52,459 | |
| Interest | |
| 313,685 | | |
| 277,956 | |
| Un-issued shares
affiliates (2) | |
| 1,360,606 | | |
| 82,006 | |
| Un-issued shares | |
| 27,687 | | |
| 16,272 | |
| Loan
from affiliates (3) | |
| 355,598 | | |
| 395,668 | |
| Short
term loan | |
| 50,000 | | |
| 50,000 | |
| Convertible
note payable | |
| 805,000 | | |
| 805,000 | |
| Derivative
liability | |
| 476,489 | | |
| 403,353 | |
| Total | |
$ | 5,010,121 | | |
$ | 3,249,894 | |
| (1) |
For
each of the CFO and CEO, there was $315,000
and $213,500
in accrued liabilities as of March 31, 2026 and December 31, 2025, respectively. As of March 31, 2026, and at December 31, 2025, the
Company had recorded reserves for contingent compensation claims of $157,500
and $11,000
relating to disputed compensation and expense reimbursement claims asserted by the former Chief Commercial Officer and current shareholder. These amounts
reflect management’s reserve associated with a disputed matter and do not represent routine accrued payroll obligations
incurred in the ordinary course. |
| (2) |
As
of March 31, 2026, the amount to be converted into shares of Preferred Stock is $1,360,606.
This consist of $82,006 is to our Directors for their attendance at board and committee meetings during the fourth quarter
and $1,278,600 to Dr. Platt as a performance grant in
recognition of his role in executing the Company’s first commercial distribution agreement and advancing capital funding
initiatives. On December 31, 2025 this amount was $82,006. |
| (3) |
On
March 31, 2026, the Company has a $355,598 loan from an affiliated company with an interest rate of 8%. The accrued interest is currently
$45,379. On December 31, 2025, the Company the loan was $395,668 and the accrued interest $52,459. |
|