Related Party Transactions |
6 Months Ended |
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Jun. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | NOTE 4 – Related Party Transactions
On February 10, 2026, the board of directors of the Company (the “Board”) approved grants to each of Charles Faulkner and Simon Wajcenberg, the Chief Executive Officer and Chief Financial Officer of the Company, respectively, of options to purchase up to shares of the Company’s common stock at an exercise price $ exercisable for a term of five years (the “Stock Options”). 50% of the shares underlying each Stock Option shall become vested and exercisable upon the closing of a purchase agreement between the Company, or the Company’s subsidiaries, and a solid oxide fuel cell supplier for a minimum power capacity of 100 MW, and the remaining % shall become vested and exercisable upon the closing of an AI data center site sale agreement between the Company, or the Company’s subsidiaries, and a buyer which is for a minimum capacity of 100 MW, as determined by the Company’s board of directors.
As of June 30, 2026 and December 31, 2025, the Company owed the executive officers of the Company $1,032,210 and $455,989 in accrued payroll for services performed.
As of June 30, 2026 and December 31, 2025, the Company owed the executive officers $24,445, respectively, for working capital advances. The advances are non-interest bearing and are due on demand.
Effective April 7, 2025, Edgemode, assumed a $1,750,000 promissory note issued by Marviken TWO AB dated December 4, 2024, in connection with the Share Exchange. The loan will bear interest at a rate of 5% and has a maturity date of December 3, 2027. As a result of the transaction whereby Dr. Adler became a related party, the loan is included in the balance of the Notes payable – related parties on the accompanying balance sheet. In addition, the Company has imputed interest expense on the note for the difference between market rates and stated rates which was recorded as a contribution to capital of $45,788 for the six months ended June 30, 2026. The Company has since filed a lawsuit seeking rescission of the Share Exchange and, if successful in rescinding, the Company’s obligation under this promissory note may be terminated or otherwise affected. See Note 10 “Commitments and Contingencies.”
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