RELATED-PARTY TRANSACTIONS |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| RELATED-PARTY TRANSACTIONS | NOTE 13: RELATED-PARTY TRANSACTIONS
Advances - TAP
As of June 30, 2026, the Company has outstanding $46,297 to TAP for expenses paid by TAP for the Company.
Common Stock Issuances
In October 2025, a related party to the Company converted shares of Series C Preferred Stock into shares of Common Stock.
Board of Director Agreements
Effective September 1, 2025, the Company entered into Board of Director agreements with their three board members that require the Company to pay each director a total of $7,500 per month in cash. The Company has expensed the $90,000 for the year ended December 31, 2025. In addition, the Company granted stock options to their three directors. The options have a term of years and the exercise price was the stock price on the date of grant. The compensation portion was replaced with Executive Employment Agreements dated February 5, 2026.
Executive Employment Agreements
Effective February 5, 2026, the Company entered into Executive Employment Agreements with three executives that require the Company to pay two of the executives $15,000 per month and a third executive $12,500 per month. Each of the executives received a $50,000 retention bonus and they each received stock options. The options have a term of years and the exercise price was the stock price on the date of grant.
License Fee
On June 29, 2026, the Company entered into an Amended and Restated License Agreement with a related party for $700,000. In the six months ended June 30, 2026, the Company paid $695,000 towards this Amended and Restated License Agreement as License fees (see Note 6) with the remaining $5,000 due by September 30, 2026. These are reflected in the balance sheet. The Amended and Restated License Agreement is to be in perpetuity and this asset will be reviewed annually for impairment and on an interim basis when triggering events are evaluated under ASC 350-30-35-18.
|