RELATED PARTIES |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTIES | NOTE 7 – RELATED PARTIES
At June 30, 2025 and December 31, 2024, respectively, the amount due to two stockholders was $1,000 relating to depositing funds for opening bank accounts for the Company. The Company leases its current office facility from these stockholders on a month-to-month basis at a monthly rent of $250 starting January 1, 2020. Rent expense totaled $750 and $1,500 for the three months and six months ended June 30, 2025 and 2024, respectively. The Company has recorded $4,750 and $3,250 as rent payable to the stockholder in accounts payable as of June 30, 2025 and December 31, 2024, respectively.
The Company executed a Convertible Promissory Note (“Note”) payable to an officer and director and indebted in the principal amount of $55,000 as of December 31, 2023. On February 5, 2024, the Company and the noteholder of the Note entered into a Debt Exchange Agreement to convert $55,000 principal balance of Note and $13,825 of accrued and unpaid interest as of the maturity date of Note on March 1, 2024. In exchange for the cancellation of all indebtedness of the Company owed to the noteholder as evidenced by the Note, and for no additional consideration, the Company agreed to issue to the noteholder shares of the Company’s Series C convertible preferred stock, at the stated value of $1,200 per share (See Note 8).
The Company executed three convertible promissory notes payable to a director (see Note E) for the principal amount of $125,000 and recorded accrued interest payable of $86,170 and $78,731 as of June 30, 2025 and December 31, 2024, respectively.
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