Related Party Transactions |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS |
NOTE 14 - RELATED PARTY TRANSACTIONS
In August 2020, the Company entered into an employment agreement with the Chief Executive Officer who is a more than 5% beneficial owner. As of December 31, 2025 and 2024, the Company owed the Chief Executive Officer $6,154 and $4,327 relative to the employment agreement.
The Company entered into a consulting agreement with the son of the Chief Executive Officer, at a cost of $5,000 per month, plus expenses, which was increased to $10,000 per month on January 1, 2021. As of December 31, 2025 and 2024, the Company owed the consultant $0. For the years ended December 31, 2025 and 2024, the Company has expensed $120,000 and $120,000 to this consultant.
On March 1, 2024, the Chief Executive Officer and the Chief Financial Officer each received cash bonuses of $30,000 for a total of $60,000 in aggregate.
On May 16, 2024 the following performance bonuses were earned pursuant the successful completion of the Series B Preferred financing accomplished via a final $3.5 million private placement: 1) Shares of Common Stock: Chief Executive Officer: 300,000 shares; 2) Cash Compensation: Chairman: $50,000; Chief Executive Officer: $50,000; and Chief Financial Officer: $30,000. For the Common Stock award, the Company recorded share-based compensation expense of $307,500, the fair value of the Common Stock issued, in May 2024.
On November 14, 2024, the Chief Executive Officer was paid a performance bonus of 100,000 shares of the Company’s common stock. The Company recorded share-based compensation expense of $99,000, the fair value of the Common Stock issued, in November 2024.
On February 19, 2025, the Chief Executive Officer and the Chief Financial Officer each received cash bonuses of $30,000 for a total of $60,000 in aggregate.
See Notes 4,6,7,8, and 15 which also include related party transactions.
|