Related Party Transactions |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions Disclosure [Text Block] | 6. Related Party Transactions
Six Months Ended June 30, 2026
The Company accrued salaries due to officers in the amount of $114,880.
The Company received capital contributions from related parties in the amounts of $70,155.
Six Months Ended June 30, 2025
On October 28, 2024, the Company entered into an agreement with Xavier Carter, its Chief Financial Officer, for a short-term loan in the amount of $1,500. If repaid within 90 days, the loan has an interest rate of 0%. If the loan is not repaid on the due date of January 28, 2025, interest will accrue at a rate of 6.5%. The loan was paid in full on January 23, 2025.
On February 4, 2025, the Company issued 2,000,000 shares of common stock with a fair value of $280,000 to each of its Chief Executive Officer and Chief Financial Officer as compensation for ongoing services.
On February 4, 2025, the Company issued 1,000,000 shares of common stock with a fair value of $140,000 to its Corporate Secretary as compensation for ongoing services.
Convertible Note Payable in the amount of $5,000, dated November 18, 2024, payable to Ridolfo R. Brown, a related party. The note bore interest at 6.5% and had a maturity date of November 18, 2026. The Brown Note 3 was convertible into common stock at a conversion price equal to the lesser of (i) 80% of the lowest price per share paid by the investors purchasing equity securities with an aggregate sales price of not less than One Million Dollars, or (ii) the number equal to $3,500,000 divided by the numbers of shares of the Company outstanding (calculated on a fully diluted basis), at the option of the holder any time prior to repayment. During the three and six months ended June 30, 2025, the Company accrued interest in the amount of $44 and $124, respectively, on this note.
During the three months ended June 30, 2025, the Company and Mr. Brown agreed to convert principal and accrued interest in the amount of $5,000 and $162, respectively, due under the Brown Note 3 at a price of $0.15 per share into 34,415 shares of common stock. The fair value of the stock at the conversion date was $0.14 per share, and the Company recognized a gain on conversion of debt in the amount of $344 in additional paid-in capital.
Convertible Note Payable in the amount of $6,000, dated August 15, 2024, payable to Ridolfo R. Brown, a related party. The note bore interest at 6.5% and had a maturity date of August 15, 2026. The Brown Note 2 was convertible into common stock at a conversion price equal to the lesser of (i) 80% of the lowest price per share paid by the investors purchasing equity securities with an aggregate sales price of not less than One Million Dollars, or (ii) the number equal to $3,500,000 divided by the numbers of shares of the Company outstanding (calculated on a fully diluted basis), at the option of the holder any time prior to repayment. During the three and six months ended June 30, 2025, the Company accrued interest in the amount of $49 and $145, respectively, on this note.
During the three months ended June 30, 2025, the Company and Mr. Brown agreed to convert principal and accrued interest in the amount of $6,000 and $292, respectively, due under the Brown Note 2 at a price of $0.15 per share into 41,950 shares of common stock. The fair value of the stock at the conversion date was $0.14 per share, and the Company recognized a gain on conversion of debt in the amount of $419 in additional paid-in capital.
The Company accrued salaries due to officers in the amount of $102,226. |