NOTES PAYABLE |
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NOTES PAYABLE | NOTE 6 - NOTES PAYABLE
The Company has the following outstanding notes payable:
The following is a summary of the future minimum payments of loans payable:
During the year ended December 31, 2020, the Company entered into a termination agreement and agreed to pay the sum of $50,000, pursuant to the agreement. During the year ended December 31, 2021, the Company issued a promissory note payable in the amount of $31,584 at the rate of 0.13% per annum, with a maturity date on or before January 1, 2025, for settlement of the $50,000 agreed upon in the termination agreement. During the year ended December 31, 2023, the Company made a payment of $10,000. The balance as of December 31, 2025 and 2024, was $21,584.
Prior to its acquisition by the Company on December 27, 2023, RFS entered into two asset purchase agreements to acquire certain tools and equipment. The Company received assets under one agreement in December 2023, totaling $97,363. The assets are included in property and equipment on the Company’s consolidated balance sheet. The Company assumed the liability of $88,674 as part of the Exchange agreement with RF Specialties. The agreement requires monthly payments through October 2026.
On January 31, 2024, the Company received assets under the second purchase agreement totaling $444,891. The assets are included in property and equipment on the Company’s consolidated balance sheet. The Company assumed the liability of $444,891 as part of the Exchange Agreement with RFS. The agreement requires monthly payments through March 2027. As of December 31, 2025 and 2024, the Company owed $178,652 and $344,344 under the notes payable, respectively.
During the year ended December 31, 2025, the Company received a total of $150,000 in proceeds from shareholders. The loans included interest of 10% and $105,500 was repaid during the year ended December 31,2025. The advances are unsecured, due on demand and have stated interest of 10% per annum. As of December 31, 2025 and December 31, 2024, the balance owed on the advances from shareholders was $167,500 and $123,000, respectively.
In March 2025, the Company entered into an insurance policy financing arrangement. The total principal was $171,050 with an interest rate of 10.95% and monthly payments of $14,542 due through January 2026. As of December 31, 2025, the remaining balance was $0.
The Company recognized interest expense of $61,826 and $23,420 during the years ended December 31, 2025 and 2024, respectively on all debt instruments. Accrued interest on all notes payable as of December 31, 2025 2024, was $30,355 and $7,637, respectively
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