RELATED PARTIES |
12 Months Ended |
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Dec. 31, 2024 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTIES | NOTE 7 – RELATED PARTIES
At December 31, 2024 and 2023, respectively, the amount due to two stockholders was $1,000 relating to depositing funds for opening bank accounts for the Company. The Company leases its current office facility from these stockholders on a month-to-month basis at a monthly rent of $250 starting January 1, 2020. Rent expense totaled $3,000 for each of the years ended December 31, 2024 and 2023, respectively. The Company has recorded $3,000 and $250 as rent payable to the stockholder in accounts payable as of December 31, 2024 and 2023, respectively. In addition, the Company has recorded a payable to a director of $12,000, and a payable to its officer of $1,600 for reimbursable expenses as of December 31, 2024 and 2023, respectively.
The Company executed a convertible promissory note payable with an officer and director (see Note B) and indebted in the principal amount of $55,000 (See Note 5) as of December 31, 2023. On February 5, 2024, the Company and the noteholder of Convertible Promissory Note B entered into a Debt Exchange Agreement to convert $55,000 principal balance of Note B and $13,825 of accrued and unpaid interest as of the maturity date of Note B on March 1, 2024. In exchange for the cancellation of all indebtedness of the Company owed to noteholder B as evidenced by the Convertible Note, and for no additional consideration, the Company agreed to issue to the noteholder B, shares of the Company’s Series C convertible preferred stock, at the stated value of $1,200 per share (See Note 8).
The Company executed three convertible promissory notes payable to a director (see Note E) for the principal amount of $125,000 and recorded accrued interest payable of $78,731 and $63,690 as of December 31, 2024 and 2023, respectively.
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