Related-Party Transactions and Notes Payable to Stockholders |
3 Months Ended |
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Mar. 31, 2025 | |
| Related Party Transactions [Abstract] | |
| Related-Party Transactions and Notes Payable to Stockholders | Note 8 – Related-Party Transactions and Notes Payable to Stockholders
The Company had an employment agreement with its former Chief Executive Officer for a salary of $120,000 per year plus incentive stock options. On July 17, 2024 the Board of Directors terminated the former CEO’s employment for cause and appointed a new Chief Executive Officer on July 17, 2024. The new CEO’s compensation is $60,000 per year beginning in July of 2024.
At March 31, 2025 and December 31, 2024, the Company included $1,600 and $1,400 in related-party payables for accrued fees owed to board members for services rendered.
During the three months ended March 31, 2025 and the year ended December 31, 2024, the Company recorded stock-based compensation of $ and $ for the grant of stock options to its former Chief Executive Officer, board members, and other parties. See Note 10 for more information.
During the three months ended March 31, 2025 and the year ended December 31, 2024, the Company has repaid non-interest-bearing notes payable to related parties totaling $0 and $132,000 which were due at various dates between May 30, 2024 and January 15, 2025.
The Company has an interest-bearing note payable to a related party for $300,000 with an original due date of February 22, 2025 which has been extended, by mutual agreement, to January 31, 2026.
The Company has a non-interest-bearing note payable to a related party for $50,000 with an original due date of April 23, 2025 which has been extended, by mutual agreement, to January 31, 2026.
On April 4, 2024, the Company paid the annual interest payment due to the seller of Down2Fish in connection with the note payable related to the purchase of Down2Fish.
Subsequent to the end of the reporting period, the Company executed a series of amendments to promissory notes with various parties to modify the terms of the notes including extensions of their respective maturity dates (see Note 7 for more information). The terms of the amended agreement for one promissory note related to the purchase of Down2Fish, with a principal amount of $700,000, resulted in the issuance of restricted shares of common stock to the seller of Down2Fish to hold as additional collateral for the fulfillment of the note. As a result of the share issuance, the seller became a related party to the Company, and certain other parties became related parties due to ownership attribution. The relevant promissory notes have been properly classified on the financial statements as related-party notes payable.
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