RELATED PARTY TRANSACTIONS |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RELATED PARTY TRANSACTIONS | NOTE 5– RELATED PARTY TRANSACTIONS
Related party notes payable consisted of the following:
ARJ Trust
In December 2008, the Company entered into a note payable with ARJ Trust, a trust that is indirectly controlled by the Company’s chief executive officer. The note had a principal amount of $500,000, an interest rate of 8.50% per annum, and an amended maturity date of September 30, 2026. The Company is required to make monthly interest-only payments of $3,541.
In June 2010, the Company entered into a second note payable with ARJ Trust. The note has a principal amount of $150,000, an interest rate of 8.50% per annum, and an amended maturity date of September 30, 2026. The Company is required to make monthly interest-only payments of $1,063.
The Company made interest-only payments of $13,812 during the six months ended June 30, 2026 and 2025, respectively. The principal balance of the notes was $650,000 at June 30, 2026 and December 31, 2025.
Chief Executive Officer
During the year ended December 31, 2024, the Company’s Chief Executive Officer loaned the Company an aggregate of $2.0 million to fund operating expenses. The loan bears no interest and has no stated maturity date. During the six months ended June 30, 2026, the Company repaid an additional $150,000 of principal. The outstanding principal balance of the loan was $1,450,000 as of June 30, 2026, compared to the $1,600,000 as of December 31, 2025.
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