NOTE 9 - DUE TO RELATED PARTIES |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| NOTE 9 - DUE TO RELATED PARTIES | NOTE 9 – DUE TO RELATED PARTIES
Due to related parties is comprised of the following:
Current
Long-Term
Total due to related parties was $361,880 and $350,621 as of March 31, 2026 and December 31, 2025, respectively.
Loans from officers represent unsecured, non-interest-bearing advances made to fund operating expenses, as well as payments made by officers on behalf of the Company.
During the three months ended March 31, 2026, officers received repayments totaling $1,600. Comparatively, during the three months ended March 31, 2025, officers advanced $11,460.
The Company’s Chief Financial Officer provides services under a consulting arrangement. The Company recognized $12,000 in compensation expense for the three months ended March 31, 2026 and 2025. As of March 31, 2026 and December 31, 2025, accrued but unpaid fees totaled $278,000 and $266,000, respectively.
In August 2024, the Company issued an unsecured promissory note to its Chief Executive Officer in the principal amount of $4,500, bearing interest at 20% per annum and maturing on February 12, 2025. The note remains unpaid and in default as of March 31, 2026 and December 31, 2025.
Interest expense related to this note was $222 for each of the three months ended March 31, 2026 and 2025, respectively. Accrued interest was $1,470 and $1,248 as of March 31, 2026 and December 31, 2025, respectively.
On April 18, 2025, the Company issued a $25,000 Series 2025 mandatorily convertible note to the spouse of a Company director. The note matures on April 18, 2028 and was issued on substantially the same terms as those offered to unaffiliated investors.
Interest expense related to this note was $637 for the three months ended March 31, 2026. Accrued interest was $2,452 and $1,815 as of March 31, 2026 and December 31, 2025, respectively. |
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