Related Party Transactions |
3 Months Ended |
|---|---|
Mar. 31, 2025 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | 4. Related Party Transactions
On March 16, 2021, the Company executed a note payable to Mr. Sergei Stetsenko, a member of our Board of Directors, in the amount of $15,000, interest accrues at 5% per annum, unsecured, and due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first. Mr. Sergei Stetsenko signed a conversion agreement effective October 31, 2024. The principal balance of $15,000 and accrued interest of $2,725 totaling $17,725 converted to shares of common stock as of October 31, 2024.
On June 23, 2023, the Company executed a note payable to Mr. Sergei Stetsenko, a member of our Board of Directors, in the amount of $25,000, interest accrues at 5% per annum, unsecured, and due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first. Mr. Sergei Stetsenko signed a conversion agreement effective October 31, 2024. The principal balance of $25,000 and accrued interest of $1,702 totaling $26,702 converted to shares of common stock as of October 31, 2024.
On June 14, 2018, we entered into an employment agreement with Mr. Mannine pursuant to which he was engaged to serve as our Chief Executive Officer. Mr. Mannine’s compensation includes a grant of year options to purchase shares of our common stock at an exercise price of $ per share, which vested upon the effectiveness of the registration statement on December 7, 2018.
On September 21, 2020, Mr. Mannine voluntarily agreed to cancel the employment agreement and waive all cash due and any related accruals. During the periods ending March 31, 2025 and March 31, 2024, $32,500 and $32,500, respectively, is recorded as in-kind contribution of service provided by Mr. Mannine (See Note 10).
On January 23, 2024, Mr. Sergei Stetsenko sold shares of common stock to Christos Livadas, Director of Weiser Global Capital, who is a current debt holder of notes payable. Effective January 23, 2024, notes payable associated to Christos Livadas, Weiser Global Capital, or WG Capital, are reflected as related party debt.
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