Related Party Transactions |
6 Months Ended |
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Jun. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | NOTE 8 – Related Party Transactions
The following is a summary of related party transactions for the three and six months ended June 30, 2026 and 2025:
CEO salary waiver; standstill on preferred transfers/conversions. On December 31, 2025, Mr. MacGregor, the Company’s Chief Executive Officer and controlling stockholder, delivered a letter to the Company’s Board confirming that he is waiving any cash salary effective January 1, 2025 through March 31, 2026, unless the Board expressly approves otherwise in a written resolution executed after the date of the letter, and confirming a standstill on the sale, transfer, pledge, or conversion of his preferred shares during the same period. MacGregor has extended the salary waiver and preferred standstill until at least June 30, 2026.
Professional fees / related party. During the three and six months ended June 30, 2025, the Company incurred approximately $45,000 and $90,000, respectively, of professional fees to a legal firm affiliated with a former member of the Company’s Board of Directors. No services were rendered by the legal firm during the first six months of 2026. At June 30, 2026 and December 31, 2025, the Company had approximately $136,000 and $146,000, respectively, included in accounts payable and accrued expenses owed to the legal firm.
Board consulting arrangements. During the three months ended June 30, 2026 and 2025, the Company had consulting services relationships with members of the Board of Directors whereby they were compensated a total of $0 and $15,000, respectively. During the six months ended June 30, 2026 and 2025, the Company had consulting services relationships with members of the Board of Directors whereby they were compensated a total of $0 and $30,000, respectively. The consulting services were provided as requested by management and could be terminated at any time without penalty.
Loans / Mr. MacGregor and family trust. See Note 5 for related-party note balances and activity.
Director share purchase. Subsequent to June 30, 2026, a member of the Board of Directors purchased shares of the Company’s common stock from the Company for cash. See Note 9.
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