Related Party Transactions |
6 Months Ended | ||
|---|---|---|---|
Jun. 30, 2025 | |||
| Related Party Transactions [Abstract] | |||
| Related Party Transactions |
The Company intends to formalize the amount due into a promissory note. As of December 31, 2023, the Company has recorded a reserve against the $1,720,844, which is included in additional paid in capital. As disclosed in Note 9, on January 29, 2025, the Company into a Mutual Release with SG Holdings in regards to such amount as well as other amounts between the Company and SG Holdings. The total amount forgiven amounted to $391,524 and has been recorded in additional paid in capital.
As of June 30, 2025 and December 31, 2024 included in accounts payable and accrued expenses is $740,000 and $460,000, respectively, due to the Company’s board members. This includes pro-rated cash retainers for the 3rd and 4th quarter of 2024 and 1st quarter of 2025.
As of June 30, 2025, the Company had $2,616,072 due to related parties. These amounts resulted from advances from affiliates of the Company and are non-interest bearing and due on demand.
As disclosed in Note, the Company has a note payables from a related parties in the amount of $5,472,266 as of June 30, 2025. |