RELATED PARTY TRANSACTIONS |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS | NOTE 9 – RELATED PARTY TRANSACTIONS
At June 30, 2026 and December 31, 2025, the Company had a convertible note payable for $22,000 with a related party. The note is unsecured, non-interest bearing and is convertible into shares of common stock at $ and is past due.
In January and February 2026, three notes totaling $65,600 from Kim N Southworth, the wife of CETI’s CEO, consisting of: (i) a $28,000 note bearing interest at 25% per month for the first two months; (ii) a $17,600 note with an upfront loan fee of $2,000 plus $1,000 per month for two months; and (iii) a $20,000 note with an upfront loan fee of $2,000 plus $1,000 per month for two months. These loans are collateralized by $45,000 of equipment. As of June 30, 2026, the balance due on these loans is $62,600.
At June 30, 2026 and December 31, 2025, the Company had accounts payable to various related parties for a total of $342,766 and $210,170, respectively.
In September 2023, a related party loaned $153,989 to CETI. The loan is due in two years and has interest only payments at 12.5%. The first six months interest plus closing costs were paid at time of closing. The closing costs and interest are being amortized over a six month and twenty-four-month period of time, respectively. This resulted in expenses of nil and $3,037 and nil and $6,040 for the three and six months ending June 30, 2026 and 2025, respectively. The net outstanding balance is $153,989 at June 30, 2026 and December 31, 2025, respectively. This note is currently in default.
During the three and six months ended June 30, 2026 and 2025, the Company paid various related parties for consulting services in the amounts of $127,000 and $106,250 and $182,000 and $229,900, respectively.
The above transactions and amounts are not necessarily what third parties would have agreed to.
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