Related Parties |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Related Parties [Abstract] | |
| RELATED PARTIES | NOTE 8 — RELATED PARTIES
On October 24, 2024, Dr. Joseph Sinkule and the Company entered into an Employment Agreement for a term of three years in connection with his appointment as the Company’s Chief Executive Officer. Pursuant to the Employment Agreement, Dr. Sinkule will receive an annual base salary of $360,000 and an initial equity award of 1,000,000 options pursuant to the Company’s 2023 Incentive Plan vesting immediately. The options are valid for a period of three (3) years and have an exercise price equal to the closing price of the Company’s common stock on October 24, 2024. In addition, Dr. Sinkule will be eligible to participate in the Company’s annual bonus program for executives.
On August 15, 2024, Mr. Jeffrey LeBlanc and the Company entered into an Employment Agreement for a term of three years in connection with his appointment as the Company’s Chief Financial Officer, Pursuant to the Employment Agreement, Mr. LeBlanc will receive an annual base salary of $325,000 and an initial equity award of shares of the Company’s common stock of 100,000 shares and an additional equity award of 400,000 shares of the Company’s common stock, with 200,000 of such shares vesting on the first anniversary of the agreement and 200,000 of such shares vesting on the second anniversary of the agreement. In addition, Mr. LeBlanc will be eligible to participate in the Company’s annual bonus program for executives.
As of March 31, 2026, the Company assumed approximately $294,000 of notes payable to related parties from Greenland Mines Corp., which consist of unsecured promissory notes issued to multiple investors in connection with private placement transactions. Under these arrangements, investors subscribed to purchase units that included both a promissory note and common equity of the Company. These promissory notes generally bear interest at low stated rates (e.g., approximately 2%) and are payable upon the earlier of the Company obtaining specified financing proceeds or a stated maturity date (generally extending into 2027). The notes are unsecured and may be prepaid by the Company without penalty. |