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RELATED PARTY TRANSACTIONS
 3 Months Ended
Mar. 31, 2024
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 8 – RELATED PARTY TRANSACTIONS

 

The Company continues to rely on advances from related parties in support of its operations and cash requirements are expected to continue until such time as the Company can support itself or attain adequate financing through sales of equity or debt financing. Most of this support took the form of the nonpayment of all or a portion of salary payments to senior Directors, Officers, consultants, and employees, effectively constituting a deferred debt payment to such persons.

 

As of March 31, 2024, seven Directors, Officers and employees, including full time consultants, were owed a total of $2,232,636 for salaries, remuneration and expenses. Of this $364,415 is owed to the two Directors who are also the senior officers of the Company (“Senior Managers”).

 

On March 31, 2024, the following Senior Managers were owed the following amounts:

 

Name  Title  Amount owing
($)		   Accumulated Leave
($)		   Total Liability
($)		 
Benton Wilcoxon  Director, CEO   56,841    19,930    76,771 
John Michael Johnson  Director, President & CFO   262,698    24,947    287,645 
Total Liability:      319,539    44,877    364,415 

 

Under the terms of the Debt Extension Agreements concluded between the Senior Managers and a further five other employees and consultants the outstanding debt to such persons may be converted under certain terms. In particular, such debt might be converted into shares at the price which is five percent (5%) lower than the average trading price of the five business trading days immediately preceding the date conversion or at the price that is five percent (5%) lower than the price reported to the SEC as an offering of shares to the market. In such event, the Company would be significantly diluted by the issuance of compensating shares. At March 31, 2024 the average 5-day trading price of the Company’s shares was $4.50. If all the outstanding debt as at March 31, 2024 were to be converted at this price this would result in the issuance of 496,141 shares. If such option had been exercised on June 11, 2025 when the average 5-day trading price was $5.16 the number of shares to be issued would amount to 432,681 shares.