RELATED PARTY TRANSACTIONS |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS | NOTE 6 – RELATED PARTY TRANSACTIONS
On February 15, 2022, the Company issued a Promissory Note to Jeff Kim, in the amount of $200,000 for funds loaned to the Company on February 15, 2022. The note matures in twenty years and accrues interest at 6.58% per annum. The Company began monthly payments of $1,500 on April 1, 2022. As of March 31, 2026 and 2025, the balance due on this note is $0 and $0, respectively. As of March 31, 2026 and 2025, there is $18,817 and $18,817, respectively, of accrued interest on this note.
On March 1, 2022, the Company issued a Promissory Note to Jeff Kim, in the amount of $253,954. The amount of the note is the balance due to Mr. Kim for loans to the Company beginning in 2017. The note matures in ten years and accrues interest at 6.63% per annum beginning April 1, 2023. The Company began monthly payments on April 1, 2023. As of March 31, 2026 and December 31, 2025, the principal balance due on this note is $207,854 and $207,854, respectively. As of March 31, 2026 and December 31, 2025, there is $43,621 and $40,223, respectively, of accrued interest on this note.
On December 31, 2022, the Company issued a Promissory Note to Jeff Kim, in the amount of $1,237,600. The amount of the note is the balance due to Mr. Kim for accrued compensation. The note matures in ten years and accrues interest at 6.42% per annum beginning April 1, 2023. The Company is to begin monthly payments principal and interest on April 1, 2023, or within one year without penalty. On December 31, 2022, Mr. Kim forgave $400,000 of the principal amount of the note. As of March 31, 2026 and December 31, 2025, the principal balance due on this note is $837,600 and $837,600, respectively. As of March 31, 2026 and December 31, 2025, there is $170,415 and $156,974, respectively, of accrued interest on this note.
For the three months ended March 31, 2026 and 2025, the Company recognized interest expense of $20,106 and $16,841, respectively, associated with the three loans.
On March 22, 2023, the Company entered into an executive employment agreement with its executive officer, Jeff Kim. Under the terms of his employment agreement, Mr. Kim’s annual base salary is $200,000 but payment of such salary is subject to the cash flow of the Company as determined by the Board. Alternatively, Mr. Kim may elect to defer his salary and receive repayment of his current outstanding loans to the Company first. As of March 31, 2026 and December 31, 2025, there is $566,668 and $506,668 of accrued compensation due to Mr. Kim. All salary to date has not been paid and has been deferred.
For the three months ended March 31, 2026 and 2025, the Company recognized officer compensation expense of $50,000 and $50,000, respectively.
Since 2023 Mr. Kim has paid for some operating expenses on behalf of the Company. As of March 31, 2026 and December 31, 2025, the amounts payable to Mr. Kim were $53,519 and $48,864, respectively.
On February 17, 2026, the Company sold shares of common stock to Mr. Kim for total cash proceeds of $7,500 to pay expenses.
On March 16, 2026, the Company sold shares of common stock to Mr. Kim for total cash proceeds of $5,000 to pay expenses.
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