v3.25.2
NOTES PAYABLE
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
NOTES PAYABLE

 

NOTE 14 NOTES PAYABLE

 

Notes payable as of June 30, 2025 and December 31, 2024 consisted of the following: 

                  
     

Outstanding Amount

(including accrued interest)

 
Name of Note Holder  Principal Amount   Date of Issuance  June 30, 2025   December 31, 2024 
Zenith (Hong Kong) Engineering Limited  $75,000   Oct 2, 2017  $46,425   $44,625 
Zenith (Hong Kong) Engineering Limited   65,000   Nov 17, 2019   80,625    77,499 
   $140,000      $127,050   $122,124 

 

On January 22, 2025, Raymond Valdez, the former sole executive officer and director entered into the Stock Purchase Agreement, pursuant to which Mr. Valdez agreed to sell to ModuLink Inc., a British Virgin Islands corporation, and Zenith (Hong Kong) Engineering Limited, a Hong Kong corporation (“Zenith (HK)”), 200,000 shares of Preferred A shares, representing all of the issued and outstanding shares of Preferred A, and the transfer of certain promissory notes of the Company held by third parties.

 

Pursuant to the Stock Purchase Agreement dated January 22, 2025, the two convertible promissory notes of the Company in the principal amounts of $65,000 and $75,000, respectively were purchased and assigned to Zenith (HK) on January 30, 2025. The notes were originally convertible into shares of the Company’s common stock in accordance with the terms set forth therein. On February 28, 2025, Zenith (HK) waived all rights to convert the outstanding principal amount and any accrued but unpaid interest under the two convertible promissory notes into equity securities of the Company. Both notes have already become due and payable. However, Zenith (HK) has indicated a willingness to work with the Company regarding repayment of such loans. These notes are interest bearing at a rate of 8% per annum. Thus, notes payable is classified as financial liabilities and recognized at amortized cost.