RELATED PARTY TRANSACTIONS |
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| RELATED PARTY TRANSACTIONS | NOTE 4 – RELATED PARTY TRANSACTIONS
The amount Mr. Rechtman owed to the Company in the year ended December 31, 2024 was $339. Funds were previously advanced by Mr. Rechtman to support the company during a shortage of cash due partially to lower revenues and also the remaining impact of the Covid pandemic. As of March 31, 2025 the Company owes Mr. Rechtman $19,399.
On July 27th, 2021 Palisades purchased the assets of Landmark LLC from CorpTech Holding Inc. Mr. Rechtman - our CEO, owns 75% of our Company as well as 90% of CorpTech Holding Inc., while CorpTech owns 25% of our Company. Palisades paid for this purchase as follows: 25,000,000 shares of Palisades shares and $300,000 promissory note with terms including no payments for 5 years, $5,000 monthly payments for additional 5 years and a balloon payment at the end of the 10 years for all remaining balance. Palisades may prepay the note with no penalty at any time.
The due date of this note is July 31, 2031. The interest rate of the non-convertible note is 0.5%. The Company used the stated rate of 9.5% as imputed interest rate, which was $7,125 and $7,125 for the quarter ended March 31, 2025 and 2024, respectively. As of March 31, 2025, and 2024, the balance of the debt was $300,000.
On February 2, 2023 the Company entered into a Service Level Agreement with CorpTech Holding where CorpTech will provide the Company with technical support and hosting of servers. The Company is paying CorpTech $2,500 a month for these services. In the period ended December 31, 2024 the Company incurred $30,000 of expenses related to this agreement and $7,500 for the quarter ended March 31, 2025 and for the three months ended March 31, 2024.
On January 1, 2025, Mr. Orie Rechtman agreed and signed a compensation package with the Company. The compensation agreement is for a period of five years at a salary of $12,000 per month. If any amount is due and unpaid under this agreement that amount will accrue interest at the rate of 5% per annum due and payable within five years of the date it became due. In addition to this compensation various expenses are paid by the company and are a part of Mr. Rechtman’s compensation, including auto expense, life insurance and health insurance costs.
RELATED PARTY NOTE AND INTEREST
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