19. RELATED-PARTY TRANSACTIONS |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Notes | |
| 19. RELATED-PARTY TRANSACTIONS | 19.RELATED-PARTY TRANSACTIONS
Related party transactions in these consolidated financial statements are as follows:
The JPM Agreement terminated immediately upon the listing of the company’s common stock on the Nasdaq stock market in October 2024.
During the three months ended March 31, 2025, the company received $150,000 in cash proceeds from a director. As of December 31, 2025, the Company owed $84,112 to a director as a result of cash proceeds. The advances were unsecured, non-interest-bearing and due on demand. As of June 30, 2026, the Company had repaid the director the full amount as reflected in related-party accounts payable on the Company's consolidated balance sheet.
The Company paid an aggregate of $0 in board fees during the quarter to its directors. Subsequent to the second quarter 2026, in July 2026, the Company paid $175,000 to each of its independent directors, Alex Monje, Robert Byrne and Omar Hussien for board services.
These directors qualify as related parties under ASC 850 due to their fiduciary roles with the Company.
The Company paid a one time bonus during the second quarter 2026 to its interim CEO Marcus Laun of $9,375. In July 2026, the Company paid a one time performance bonus to its interim CEO of $100,000.
The Company paid a one time bonus during the second quarter 2026 to its executive Chairman Matthew Flemming of $10,416. In July 2026, the Company paid a one time performance bonus to its executive Chairman of $125,000.
All fees were paid in accordance with the Company's policies. |