| ACCOUNTS PAYABLES AND ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES |
NOTE
7 – ACCOUNTS PAYABLES AND ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
At
June 30, 2025, there was no amount due in accounts payable to affiliates. In the first six months of 2025, management has forfeited
$941,890 in payroll and affiliated expenses. Payroll accruals from prior year in the amount of $214,780 was eliminated against additional
paid-in capital, while current years payroll expenses of $727,110 was reversed in general and administrative expenses. There was
a short-term loan from affiliates of $502,255
with $22,948
in accrued interest, as well as un-issued shares owed to affiliates
of $26,242.
On December 31, 2024, there was $147,286
in Accounts Payables to related parties in form of payroll
and advanced expense, there was also a short-term loan from affiliates of $241,078
with $6,950
in accrued interest, as well as un-issued shares owed to affiliates
of $132,639.
The
following table represents the major components of accounts payables and accrued expenses and other current liabilities at June 30, 2025,
and December 31, 2024:
SCHEDULE OF ACCOUNTS PAYABLES AND ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
| |
|
June
30, 2025 |
|
|
December
31, 2024 |
|
| Accounts
payable affiliates (1) |
|
$ |
— |
|
|
$ |
147,286 |
|
| Professional fees |
|
|
483,811 |
|
|
|
40,860 |
|
| Interest |
|
|
204,911 |
|
|
|
143,642 |
|
| Interest
affiliates (3) |
|
|
22,948 |
|
|
|
6,950 |
|
| Payroll taxes |
|
|
— |
|
|
|
11,945 |
|
| Pension/401K |
|
|
— |
|
|
|
74,500 |
|
| Other accounts payable |
|
|
— |
|
|
|
361 |
|
| Un-issued
shares affiliates (2) |
|
|
26,242 |
|
|
|
132,639 |
|
| Un-issued shares |
|
|
15,602 |
|
|
|
91,729 |
|
| Loan
from affiliates (3) |
|
|
502,255 |
|
|
|
241,078 |
|
| Short term loan |
|
|
38,000 |
|
|
|
48,000 |
|
| Convertible note payable |
|
|
805,000 |
|
|
|
805,000 |
|
| Derivative
liability |
|
|
684,002 |
|
|
|
186,652 |
|
| Total current liabilities |
|
$ |
2,782,771 |
|
|
$ |
1,930,642 |
|
| (1) |
As
at June 30, 2025, the officers have forfeited payroll of $941,890,
whereof $214,780 was accrued in prior year, (See note 7 for more details) there was no accounts payables due to any affiliates. For
each of CFO and CEO, there was $46,668
in accrued payroll and $4,000
for advanced expenses due, there was also $35,000
and $4,000
in accrued payroll and advanced expenses due to our CCO at December 31, 2024. |
| (2) |
The amount is to be converted
into shares of Common Stock whereof on June 30, 2025, $26,242 for our board members attendance in board and committee meetings during
the first quarter of 2025. On December 31, 2024, $49,745 is to our Directors for their attendance in board and committee meetings
during the fourth quarter, and another $82,894 in a one-time bonus. |
| (3) |
On June 30, 2025, the Company
has a $502,255 in loan from affiliates with an interest rate of 8%. The accrued interest is currently $22,948. On December 31, 2024,
the affiliated loan was $241,078 and the accrued interest was $6,950. |
|