RELATED-PARTY TRANSACTIONS |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| RELATED-PARTY TRANSACTIONS | |
| RELATED-PARTY TRANSACTIONS | NOTE 8 – RELATED-PARTY TRANSACTIONS
In May 2023, we entered into a 36-month agreement with a company controlled by our chief executive officer for shared use of an office and facilities at $1,000 per month, increasing to $1,200 per month on May 1, 2024 and $1,400 per month on May 1, 2025. On May 1, 2026 the lease was renewed for a 12 month period expiring May 1, 2027, with a monthly rent of $1,450. For the three months ended June 30, 2026 and 2025, rent expense was $4,300 and $5,200, respectively. For the six months ended June 30, 2026 and 2025, rent expense was $8,500 and $8,800, respectively.
For the six months ended June 30, 2026 and 2025, we recorded charges incurred to a company controlled by our chief executive officer for reimbursement of accounting and administrative services provided to us by an employee of that company. For the three months ended June 30, 2026 and 2025, we recorded expense of $41,823 and $34,811, respectively, to this company. For the six months ended June 30, 2026 and 2025, we recorded expense of $81,234 and $69,439, respectively, to this company. At June 30, 2026 and December 31, 2025, we had a payable to the entity of $2,900 and $1,400, respectively.
Accrued interest on related-party notes was $1,473,868 and $1,364,032 at June 30, 2026 and December 31, 2025, respectively.
During each of the six months ended June 30, 2026 and 2025, we repaid $540 of net working capital advances from related parties.
During 2022, an aggregate of 847,262 shares of common stock were borrowed from our chief executive officer to enable conversions of $15,000 of notes and $1,946 of related accrued interest. We have accrued a liability for the shares to be reissued to our chief executive officer in the amount of $11,014, the fair value of the shares on the date of conversion. The replacement shares have not been issued at June 30, 2026.
During March 2025, an aggregate of 563,611 shares of common stock were borrowed from our chief executive officer to enable settlements of $10,000 of notes and $2,047 of related accrued interest. We have accrued a liability for the shares to be reissued to our chief executive officer in the amount of $169, the fair value of the shares on the date of conversion. The replacement shares have not been issued at June 30, 2026. |