Related Party Transactions |
1 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | Note 6 — Related Party Transactions
Under the terms of a consulting agreement with the Company’s Executive Chairman and CFO, the Company is obligated to compensate him $43,667 per month, consisting of $41,667 in consulting fees and a $2,000 monthly allowance. During the transition period ended December 31, 2025, the Company incurred $43,667 in expenses related to the consulting agreement. During the transition period ended December 31, 2025, the Company paid $43,667. At the transition period ended December 31, 2025, $505,499 remained unpaid under the agreement. On November 28, 2025, the Board of Directors authorized the accrual of interest at 8% for any unpaid consultant fees beginning with August 2024. The total interest accrued for this consulting agreement accrued in the transition period ended December 31, 2025 was $3,395. At the fiscal year ended November 30, 2025, the balance due for unpaid consultant fees was $505,499 and accrued interest payable was $45,480.
The Company has a note payable agreement with the Executive Chairman, further detailed in Note 8.
Under the terms of a consulting agreement with the Company’s President and Chief Executive Officer, the Company is obligated to compensate him $43,667 per month, consisting of $41,667 in consulting fees and a $2,000 monthly allowance. This agreement replaced a former agreement wherein the consultant agreed to serve as Vice President-Operations for $22,333 per month, consisting of $20,833 in consulting fees and a $1,500 monthly allowance. During the transition period ended December 31, 2025, the Company incurred $56,167 in expenses related to the consulting agreement. During the transition period ended December 31, 2025, the Company paid $43,668. At the transition period ended December 31, 2025, $132,001 remained unpaid under the agreement. On November 28, 2025, the Board of Directors amended the terms of the consulting agreement to a monthly consulting fee of $54,167 and a $2,000 monthly allowance effective December 1, 2025. On November 28, 2025, the Board of Directors authorized the accrual of interest at 8% for any unpaid consultant fees beginning with August 31, 2024. The total interest accrued for this consulting agreement in the transition period ended December 31, 2025 was $823. At the end of the transition period ended December 31, 2025, the total interest accrued was $19,053. At the fiscal year ended November 30, 2025, the balance due for unpaid consultant fees was $119,501 and accrued interest payable was $18,230.
Under the terms of agreements with the Company’s directors, the Company is obligated to compensate each of them $10,000 per month. During the transition period ended December 31, 2025, the Company incurred $30,000 in expenses related to director agreements. During the transition period ended December 31, 2025, the Company paid $0. At the transition period ended December 31, 2025, $460,000 remained unpaid to all directors.
As of December 31, 2025, the Company has an account payable to a vendor, who is a more than 5% beneficial owner, in an amount of $350,000. The Company also have an account payable to a vendor, which is controlled by the Executive Chairman, in an amount of $350,000.
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