Accrued salary, accrued retirement, and incentive fee - related party

6 Months Ended

Jun. 30, 2026

Accrued salary, accrued retirement, and incentive fee - related party

Note 14 - Accrued salary, accrued retirement, and incentive fee - related party

The Company had an outstanding liability to its CEO as follows:

Schedule of outstanding liability

	June 30, 2026			December 31, 2025
Current liability to shareholder
Accrued salaries and benefits⁽¹⁾	$	40,778		$	62,154
Long-term liability to shareholder
Accrued retirement and other benefits		746,518			702,304
Offset by shareholder advance		(261,653	)		(261,653	)
Net long-term liability to shareholder		484,865			440,651
Total outstanding liability	$	525,643		$	502,805

⁽¹⁾	Our CEO’s accrued salaries and benefits were reclassified from long-term liabilities to short-term liabilities in fiscal year 2026.

As approved by resolution of the Board of Directors in 1998, the CEO will be paid an incentive fee and a bonus, which are payable in installments at the CEO’s option. The incentive fee is 1% of the increase in market capitalization based on the bid price of the Company’s stock beyond the book value at confirmation of the bankruptcy, which was approximately $260,000. The bonus is 0.5% of the increase in market capitalization for each $1 increase in stock price up to a maximum of $8 per share (4%) based on the bid price of the stock beyond the book value at confirmation of the bankruptcy. For the six months ended June 30, 2026 and 2025, there were no incentive fee expenses.