RELATED PARTY TRANSACTIONS |
12 Months Ended |
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Dec. 31, 2025 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS | NOTE 9 - RELATED PARTY TRANSACTIONS
During the year ended December 31, 2025, the Company received a total of $150,000 in loan proceeds from shareholders and repaid $105,500 of principal and $6,276 of accrued interest. The advances are unsecured, due on demand and have stated interests ranging from 10% to 12% 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, including $17,500 and $23,000, respectively with companies in which the Company’s Executive Chairman is a principal.
During the year ended December 31, 2024, the Company received a total of $155,500 in proceeds from shareholders and repaid $32,500. The advances are unsecured, due on demand and have stated interest of 10% per annum. As of December 31, 2024, the balance owed on the advances from shareholders was $123,000.
On November 7, 2024, the Company agreed to purchased shares of Series A Convertible Preferred Stock, representing all of the issued and outstanding shares of Series A Convertible Preferred Stock of the Company from, Tradition Reserve I LLC, a New York limited liability company, in exchange for $10. At December 31, 2024 and 2023, there were and shares of Series A Convertible Preferred Stock issued and outstanding, respectively.
In May 2024, the Company entered into two bill of sale agreements to sell two vehicles to Keith Mort, the former owner of RFS. Mr. Mort assumed the loans associated with the two vehicles with a net book value of $130,492 and an aggregate principal balance of $72,592 at the time of sale, and the Company recognized a loss on disposal of $57,900 during the year ended December 31, 2024.
As of December 31, 2025 and 2024, the Company owed a total of $6,355 and $36,738, respectively to an entity controlled by the Company’s Chairman, and $0 and $10,074, respectively, to Mr. Mort related to expense reimbursements.
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