NOTES PAYABLE TO RELATED AND UNRELATED PARTIES |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NOTES PAYABLE TO RELATED AND UNRELATED PARTIES | NOTE 2 – NOTES PAYABLE TO RELATED AND UNRELATED PARTIES
Working Capital Loan with Directors and Unrelated Party
Unrelated Party
On March 3, 2026, the Company entered into and issued an unsecured Lump Sum Payment Promissory Note (“eBliss Note”), which eBliss Note provided a working capital loan in the principal amount of $ (“Loan”) from eBliss Global, Inc., a private, early stage Delaware corporation engaged in the developing and producing e-mobility solutions (including and initially making e-bikes as transportation vehicles at a Utica, New York factory), (“eBliss”). Funding occurred on March 4, 2026. The interest rate under the eBliss Note is seven percent (%) simple annual interest. Principal and accrued interest are due in a single lump sum payment due on (“Maturity Date”). The Company has a fifteen-day cure period if it fails to pay the Principal and accrued interest on the Maturity Date. The eBliss Note is unsecured and does not provide for a conversion of debt-to-equity securities. The Company recognized $ and $ in interest expense for the three and six months ended June 30, 2026, respectively.
Related Party
On October 31, 2024, the Company executed a unsecured promissory note with related party, Coppermine Ventures, LLC (“Coppermine”), to provide $125,914 in working capital funding for daily operations. Coppermine is controlled by Alex Jacobs, the Company’s Chief Executive Officer. Principal accrues simple interest at a rate of 7 percent per annum, maturing July 31, 2025. The note was amended on January 27, 2025 to increase the principal amounts to $485,163, maturing December 31, 2025 with simple interest of 7 percent per annum. On January 5, 2026 the note was amended for a second time to increase the principal amounts to $558,191, maturing December 31, 2026, maintaining the original interest rate of 7 percent per annum. $530,163 has been drawn to date. The Company recognized $9,257 and $18,021 in interest expense for the three and six months ended June 30, 2026, respectively and $6,104 and $10,388 in interest expense for the three and six months ended June 30, 2025, respectively.
As of June 30, 2026 and December 31, 2025, the Company had a total of $780,163 and $485,163, respectively of outstanding principal, on the above referenced funding agreements, and accrued interest of $52,835 and $29,157, respectively. The outstanding principal balances and accrued interest are presented on the condensed consolidated balance sheet as follows:
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