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NOTES PAYABLE
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
NOTES PAYABLE

 

NOTE 17 NOTES PAYABLE

 

Notes payable as of March 31, 2026 and December 31, 2025 consisted of the following:

            
              

Outstanding Amount

(including accrued interest)

 
Name of Note Holder   Principal Amount    Date of Issuance    March 31, 2026    December 31, 2025 
Zenith (Hong Kong) Engineering Limited  $75,000    Oct 2, 2017   $49,288   $48,329 
Zenith (Hong Kong) Engineering Limited   65,000    Nov 17, 2019    85,598    83,931 
   $140,000        $134,886   $132,260 

 

On January 22, 2025, Raymond Valdez, the former sole executive officer and director entered into the Stock Purchase Agreement, pursuant to which Mr. Valdez agreed to sell to ModuLink Inc., a British Virgin Islands corporation, and Zenith (Hong Kong) Engineering Limited, a Hong Kong corporation (“Zenith (HK)”), 200,000 shares of Preferred A shares, representing all of the issued and outstanding shares of Preferred A, and the transfer of certain promissory notes of the Company held by third parties.

 

Pursuant to the Stock Purchase Agreement dated January 22, 2025, the two convertible promissory notes of the Company in the principal amounts of $65,000 and $75,000, respectively were purchased and assigned to Zenith (HK) on January 30, 2025. The notes were originally convertible into shares of the Company’s common stock in accordance with the terms set forth therein. On February 28, 2025, Zenith (HK) waived all rights to convert the outstanding principal amount and any accrued but unpaid interest under the two convertible promissory notes into equity securities of the Company. Both notes have already become due and payable. However, Zenith (HK) has indicated a willingness to work with the Company regarding repayment of such loans. These notes are interest bearing at a rate of 8% per annum. Thus, notes payable is classified as financial liabilities and recognized at amortized cost.