v3.26.1
Notes Payable Related Parties
6 Months Ended
Jun. 30, 2026
Notes Payable Related Parties  
Notes Payable, Related Parties

Note 7 – Notes Payable, Related Parties

 

Notes payable, related parties consist of the following at June 30, 2026 and December 31, 2025, respectively:

 

 

 

June 30,

2026

 

 

December 31,

2025

 

On April 12, 2010, the Company received an unsecured, non-interest-bearing loan in the amount of $2,000, due on demand from Robert Leitzman. Interest is being imputed at the Company’s estimated borrowing rate, or 10% per annum. The largest aggregate amount outstanding was $2,000 during the periods ended December 31, 2019 and December 31, 2018. Mr. Leitzman owns less than 1% of the Company’s common stock, however, the Mr. Leitzman is deemed to be a related party given the non-interest-bearing nature of the loan and the materiality of the debt at the time of origination.

 

$2,000

 

 

$2,000

 

 

 

 

 

 

 

 

 

 

Over various dates in 2011 and 2012, the Company received unsecured loans in the aggregate amount of $10,000, due on demand, bearing interest at 10%, from Sandra Orman. The largest aggregate amount outstanding was $10,000 during the periods ended December 31, 2019 and December 31, 2018. Mrs. Orman owns less than 1% of the Company’s common stock, however, Mrs. Orman is deemed to be a related party given the nature of the loan and the materiality of the debt at the time of origination.

 

$10,000

 

 

$10,000

 

 

 

 

 

 

 

 

 

 

During 2024 and 2025, the Company received advances totaling $472,000 from Glenn Martin and $37,403 from Nicole Breen, bearing interest at 5% and 12%, respectively. During 2025, the Company made payments totaling $135,000 to Glenn Martin. During the six months ended June 30, 2026, the Company received additional advances of $43,500 from Glenn Martin and $4,500 from Nicole Breen, bearing interest at 12%, and made a payment of $800 to Nicole Breen.

 

$421,603

 

 

$374,403

 

 

 

 

 

 

 

 

 

 

On May 2, 2022, the company acquired Hempirical Genetics, LLC with a note payable to the executive officer Jeffrey Miller with no interest. Payments of $0 and $25,000 were made toward the note in 2025 and 2024, respectively.

 

$120,000

 

 

$120,000

 

 

 

June 30,

2026

 

 

December 31,

2025

 

 

 

 

 

 

 

 

Notes payable, related parties

 

$553,603

 

 

$506,403

 

 

 

 

 

 

 

 

 

 

Less: Loan fee, net of amortization

 

$-

 

 

$(3,418 )

 

 

 

 

 

 

 

 

 

Notes payable, related parties

 

$553,603

 

 

$502,985

 

 

The Company recorded interest expense in the amount of $27,320 and $19,289 for the six months ended June 30, 2026 and 2025, respectively, including debt amortization expense of $3,418 and $5,127 and imputed interest expense in the amount of $4,976 and $7,337 during such periods related to notes payable, related parties.