RELATED PARTY TRANSACTIONS |
3 Months Ended |
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Mar. 31, 2026 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS | NOTE 7 – RELATED PARTY TRANSACTIONS
At March 31, 2026, ICT Investments (“ICT”), its Managing Partner Dmitriy Nikitin, and its affiliates Fonon Corporation and Fonon Technology, Inc., owns shares of the Company’s common shares, or % of the Company’s shares outstanding.
ICT Investments provides the Company accounting services and various management services on an as needed basis. During the three months ended March 31, 2026, and 2025, the Company incurred approximately $17,880 and $17,880, respectively, to ICT for accounting services.
During the three months ended March 31, 2026 and 2025, the Company paid $45,000 and $45,000, respectively, to Dmitriy Nikitin, Managing Partner of ICT Investments, for strategic advisory and business development services. Management believes the fees paid are reasonable and substantially consistent with rates that would be paid to unaffiliated third parties for comparable services. Related-party transactions are conducted on terms management believes are no less favorable to the Company than those available from unaffiliated parties.
For the three months ended March 31, 2026, and 2025, affiliate revenue totaled $0 and $420,089, respectively. Affiliate revenue is included within net sales in the accompanying condensed consolidated statements of operations
Accounts payable due to ICT, and its affiliates, as of March 31, 2026, and December 31, 2025 were $336,427 and $349,461 respectively.
During the three months ended March 31, 2026, the Company repaid the outstanding principal and accrued interest owed to ICT Investments, an entity controlled by the holder of a majority of the Company’s outstanding common stock. As of March 31, 2026, the only remaining amount payable to ICT Investments related to these borrowings was approximately $50,615 of unpaid default fees, which are included in accrued expenses in the condensed consolidated balance sheet.
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